MULTIPLE CHOICE QUESTIONS

Defect in animals which is not known/could not have been known even if professional inspection has been made & expert knowledge is not sufficient to discover it*

Redhibitory defect

Eviction

Hidden defect

Caveat venditor

Contract by which a person transfers to another his rights and actions against a third person in consideration of a price certain in money or its equivalent:*

Contract of Sale

Contract of Agency to Sell

Assignment of Credit

Contract to Sell

Which of the following is not a mode of extinguishment of a contract of sale?*

Legal Redemption

Merger

Novation

B and C

None of the above

Mode of extinguishment of sale that takes place when the vendor reserves and exercises the right to repurchase the thing sold*

Pre-emption

Conventional Redemption

Renunciation

Payment

In assignment of rights, the right is transmitted upon:*

payment of the price

perfection of the contract

execution of a public instrument

registration of the public instrument

Ella sold a retro to Mon a parcel of land. It was agreed upon by the parties that Ella cannot redeem within three (3) years from the date of the sale. The period of redemption is:*

Four (4) years counted from the end of the first 3 years

Ten (10) years counted from the end of the first 3 years

Anytime after 3 years because no period was agreed upon

The seller cannot redeem because no period was agreed upon

What is the legal remedy of the buyer if the seller fails to redeem the property within the period agreed upon in a pacto de retro sale?*

Specific performance to compel the seller to redeem

Foreclosure proceedings

Request the Registry of Deeds to cancel the vendor's title and issue a new title in the name of the buyer

File a petition for consolidation of ownership with the court

No. 1 - A contract of sale is a mode of acquiring ownership. No. 2 - Every delivery transfers ownership.*

Both are false.

Both are true.

No. 1 is true; No. 2 is false.

No. 1 is false; No. 2 is true.

Statement 1: If the thing should have been sold to different buyers, the ownership should be transferred to the person who may have been in possession thereof in good faith, if it should be movable property. Statement 2: The seller is responsible to the buyer for any hidden defects or fault in the thing sold only if he was aware thereof.*

Both statements are false

1st statement true, 2nd statement false

Both statements are true

1st statement false, 2nd statement true