(3)sales

b. To deliver the immediately since the sale has been perfected c. To deliver the car after the buyer demands delivery d. 7escind the contract for the time of performance not 2&ed 2&ed

BUSINESS LAW QUIZ –Law on Sales –Part I

1. A form of delivery which takes place after the seller of the property continues in possession of said property No longer longer as owner but as a mere mere possessor: possessor: a. Traditio Traditio constitutum possessorium c. Traditio brevi-manu b. Traditio calvis d. Quasi-Traditio

>. A$  and 0 are co-owners of a parcel of land pro-indiviso. pro-indiviso. A sold his share to  in an absolute deed of sale !hich is correct a. The deed of sale between between A and  is void since it was made made not in favor of a third person b. 0 may e&ercise e&ercise his right of redemption redemption on the interest interest of A sold to  c. 0 may redeem redeem only ? of the share share sold by A to  d. 0 cannot e&ercise e&ercise the right of redemption redemption since the sale sale was made to a co-owner co-owner

. !hen goods are delivered to the buyer on "sale or return#$ the ownership passes to the buyer: A. %pon delivery of the goods b. %pon the e&piration of the period agreed upon c. %pon acceptable of the the buyer of the sellers o'er d. %pon perfection of the sale

1. /f the same thing was sold to di'erent buyers$ the ownership shall pertain to the one who has taken possession there of in good faith if movables The seller is liable to the buyer for any hidden defect of the thing sold only if was aware thereof  a. @irst statement true second is false c. oth are true b. oth are false d. @irst is false$ second is true

(. !hen are delivered to the buyer on approval$ trial or satisfaction$ the ownership passes to the buyer: a. %pon delivery of the things c. %pon conception of the sale b. %pon meetings of minds d. %pon the return of the things to the seller

11. The buyer has the right to the fruits of the things: a. @rom the time the fruits have been delivered b. @rom the time the obligation obligation to deliver the thing bought arises c. @rom the time of perfection of the sale d. @rom the time the thing is about to delivered

). * orally appointed A as his agent to sell the formers land. +n ,anuary ($ 1$ A sold the land to  who for with took possession thereof. thereof. /t turned out however$ that on ,anuary ,anuary 1$ 1$ *$ without informing informing A$ had already sold the same land to 0$ who up to now has not taken possession possession of the same land. Neither of the sales was registered. registered. !hose contract shall prevail a. The sale to  for he was 2rst 2rst in possession possession in good faith b. The sale to 0 for the land was 2rst sold to him by the owner c. Those sale to  for the agent was duly authori3ed to sell the land. d. The sale to 0 because because the sale to  was was void$ A was not duly duly authori3ed by *. 4. 5 sold to A in a memorandum of agreement of the sale of his parcel of land. After a week$ 5 sold the same land to  in a formal deed deed of sale. %pon buying buying the land$ land$  who was aware aware of the sale to A$ immediately immediately took took possession thereof and registered the sale in his favor. !hen informed of the second sale$ A subse6uently subse6uently registered an adverse claim with the 7egistry of 8eeds. 8eeds. The parcel of land shall belong to: a. A because he has the older title b.  because the sale to him was in a formal deed of sale c.  because because he 2rst registered the sale in his favor d.  because because he was the 2rst possessor possessor of the the land. 9. /n case of redemption$ which of the following will not be paid by the seller to the buyer a. &penses incidental to the sale paid by the buyer b. Necessary e&penses made made on the the thing sold c. The consideration of the sale paid by the buyer d. The interest on the purchase price ;. 8acron en *ago as distinguished from sale: a. The ob. 8elivery of incorporeal property may be through any of the following means e&cept a. &ecution of public document b. *lacing the titles of ownership in the possession of the vendee c. %sed by the vendee of his rights$ with debtors consent d. &ecution of private instrument . !hich of the following statements on the transfer of ownership of the thing sale in trial is incorrect a. +wnership of the thing is transferred to the vendee when he signi2es his approval or acceptance to the vendor

1. +n arch 1$ 9 5 sold and delivered to  a television set for 1$. on sale or return giving  up to arch 19$ 9 within which to return the television the set. +n arch 19$ 9 the television set was burned through no fault of . based on the foregoing$ which of the following statements is incorrect a. 5 does not have to replace the TE set. b. 5 must be the loss since the time for the return of the television set had not yet e&pired c. The ownership of the television set was transferred to  upon delivery to him. d.  must bear the loss of the television set. . /n a contract of sale of personal property the prince of which is payable in installments$ the vendor may e&ercise any of the following remedies$ e&pert. a. &act ful2llment of the obligation$ should the vendee fail to pay any number of installments. b. 0ancel the sale should the vendeeGs failure to pay cover two or more installments c @oreclose chattel mortgage on the property if the vendeeGs failure sale if they have a stipulated d. @oreclose chattel mortgage on the property if the vendeeGs failure two or more installments but he may no longer recover any de2ciency after the foreclosure sale. (. T stole a ring belonging to +. 5ubse6uently$ the o'ered for sale at public auction where J$ who was not aware that the ring was stolen$ bought it. A few weeks later$ + saw the ring and recogni3ed it as his. ased on the foregoing information$ which of the following statements is correct a. + may recover the ring from J without reimbursing J since + was unlawfully deprived of the ring b. + may recover the ring from J but he has to reimburse J since J ac6uired title of the ring c. + may no longer recover the ring even if he is willing to reimburse J. d. J did not ac6uire title to the ring since the auctioneer had no valid title thereto. ). !here the seller of goods has a voidable title thereto$ but his title has not been avoided at the time of the sale$ the buyer ac6uires title to the goods. 5uch ac6uisition of title has the following re6uisites e&cept a. The buyer must have bought the goods in good faith b. The buyer must have bought the goods in good faith. c. The buyer bough them without notice to the sellerGs defect of title. d. The seller is good faith. 4. 7$ 5 and T are co-owners of an undivided parcel of the land. 7 sold 1P( interest to T in a deed of absolute sale. !hich is correct a. 5 may e&ercise the right of redemption on the interest sold by 7 and T. b. 5 cannot e&ercise the right of redemption. c. The sale made by 7 to T is voidable. d. 5 may redeem only ? of the interest sold by 7 to T.  9. 8 obtained from 0 a loan amounting to *4$ . the same being secured by a mortgage on 8Gs lot. Thereafter$ 0 assigned his credit right to T with notice to 8. base on the foregoing facts$ which of the following 5tatements are incorrect a. T cannot collect from 8 if 8 not gives his consent to the assignment. b. T can collect from 8. 8Gs consent to the assignment is not re6uired c. T can collect from 8 and 8 cannot pay$ T can foreclose the mortgage on the lot d. T notice to 8 of the assignment is suScient. 8 must make his payment to T and no longer to 0

a. Fegal mortgage b. 6uitable mortgage

c. 0onventional mortgage d. Eoluntary mortgage

 =. /f a movable property is sold separately to two or more di'erent vendees$ ownership shall belong to the person: a. !ho is good faith 2rst paid the purchase price in full b. !ho is good faith 2rst recorded the sale in the 7egistry of *roperty c. !ho is good faith presents the oldest title d. !ho is good faith 2rst took possession of the property >. A contact of sale is perfected: a. %pon compliance with the re6uirements of the law as to form b. %pon delivery of the ob