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    Quiz Number 1 Law On Sales - Chapter 1 Essay INSTRUCTION: Answer Each Question Brie y and Concisely On A Sheet of Paper and in

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    RIZZA MAE OLANO
    The document contains a quiz with 5 questions on the law of sales for a business law class. The questions cover various scenarios involving the sale of land and other goods, and ask students to determine if valid contracts of sale exist in each scenario and explain their reasoning.

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    Quiz Number 1 Law On Sales - Chapter 1 Essay INSTRUCTION: Answer Each Question Brie y and Concisely On A Sheet of Paper and in

    Uploaded by

    RIZZA MAE OLANO
    241 views2 pages
    The document contains a quiz with 5 questions on the law of sales for a business law class. The questions cover various scenarios involving the sale of land and other goods, and ask students to determine if valid contracts of sale exist in each scenario and explain their reasoning.

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    quiz

    Original Title

    1st-Quiz-Business-Law-BSLAW-3-1 (1)

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    The document contains a quiz with 5 questions on the law of sales for a business law class. The questions cover various scenarios involving the sale of land and other goods, and ask students to determine if valid contracts of sale exist in each scenario and explain their reasoning.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    241 views2 pages

    Quiz Number 1 Law On Sales - Chapter 1 Essay INSTRUCTION: Answer Each Question Brie y and Concisely On A Sheet of Paper and in

    Uploaded by

    RIZZA MAE OLANO
    The document contains a quiz with 5 questions on the law of sales for a business law class. The questions cover various scenarios involving the sale of land and other goods, and ask students to determine if valid contracts of sale exist in each scenario and explain their reasoning.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 2

    Business Law (BSLAW) 3

    Bachelor of Science in Accountancy


    University of Antique
    Atty. Peter Jason Millare

    Quiz Number 1
    Law on Sales - Chapter 1

    ESSAY

    INSTRUCTION: Answer each question briefly and concisely on a sheet of paper and in
    your handwriting. Avoid too much erasure, if there is a need to erase a word, a phrase
    or two, please make a horizontal line. Take a picture of your answers and send them to
    me via Facebook messenger/direct message.

    DEADLINE: You may submit your answers until our virtual meeting on Wednesday,
    October 20, 2021. BEST OF LUCK!

    1. Gian purchased a parcel of land known as Lot No 143 with 1, 000 square meters
    from Jay. Jay sold the same to Gian at Five Pesos (PhP 5.00) only.

    (a) Is there a valid Contract of Sale? Why? (10 points)


    (b) What is the real intent of the above transaction? State your reason. (10
    points)

    2. Lourdes and Omega are best friends. Omega owns vast land as her inheritance
    from her deceased parents. Being the sole heir, Omega assumed the parcel of
    land without executing an Adjudication. Lourdes offered to buy a portion of one
    of Omega’s lots for Five Hundred Thousand (PhP 500, 000) Pesos. By reason of
    familiarity and as best friends, they failed to execute a proper Deed of
    Conveyance.

    (a) Is there a valid Contract of Sale? Why? (10 points)


    (b) In the event that Lourdes paid the amount in full, what is her remedy to
    compel Omega to execute a proper transfer document? (10 points)

    3. Due to financial constraint, Erlo mortgaged his residential lot to Stella for One
    Hundred Thousand (PhP 100, 000) Pesos payable for twenty (20) monthly
    installment payment. They executed the Deed of Real Estate Mortgage. After
    paying for five (5) good months, Erlo defaulted and failed to pay his debt for a
    year. Stella demanded that the residential lot should be taken as full payment.
    Naive, Erlo just gave in.

    (a) Is the taking of the residential lot by Stella to the satisfaction of debt of
    Erlo allowed? Why or why not? (10 points)
    (b) Suppose Erlo agreed to sell the residential lot to Stella on fair market
    value deducting the balance of his debt as down payment, is the
    exchange now valid? (10 points)
    (c) What do you call the transaction under question number 3 (b)? (10
    points)
    4. Julia engaged in the business of scratch-to-win with pot lucks for those who
    may luckily get a Jackpot word on the ticket sold at PhP 50.00.

    (a) Is the selling of something which may or may not exist valid? Why? (10
    points)
    (b) What if Julia intentionally produces tickets that guarantee no person
    shall win, is the sale of her scratch-to-win ticket valid? Why (10 points)

    5. What are the reciprocal obligations of contracting parties in a Contract of Sale?


    (10 points)

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