midterm examination acc

7/29/2019 Midterm Examination Acc

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MIDTERM EXAMINATION

I. TRUE OR FALSE (RIGHT MINUS WRONG)1. When there is no consent, there can be no contract of sale2. All rights which are not in transmissible may be the object of sale.3. One can sell only what he owns.4. The failure to pay the stipulated price vitiates the validity of the contract.5. A unilateral promise to sell even if accepted maybe withdrawn at anytime.6. A sale to guardian of the property of a person under his guardianship is void.7. Sale or return is a sale subject to a suspensive condition.8. Deliver to bearer Juan is a non negotiable document of title.9. A warranty is a part of the contract of sale.10.A bottle of vinegar is an example of fungible thing.11.In As is and where is sale, implied warranty is not applicable.12.Warranty of fitness is a warranty that goods are reasonably fit for the general purpose for which

they are sold.

13.The remedies of buyer for breach of warranty by seller are cumulative.14.

Both real and personal property may be the subject matter of conventional redemption.15.The sale of right to an inheritance before partition is valid.

II. MULTIPLE CHOICE1. S, 16 years old, sold to B, of legal age, as specific diamond ring for P10,000. Later, B sold it to X.

Which of the following statements is incorrect?

a. S has got a voidable title because at the time of sale he is a minor.b. X, if in good faith, shall become the owner upon delivery to him.c. X, in bad faith, shall also be the owner, except that his title is voidable.d. None of the above.

2. S, sold to B a specific car for P20,000 to be paid as follows: P5,000 upon delivery of the car to B, andthe balance at the rate of P500 every three months thereafter. Subsequently, the car got burned in

the possession of B, without his fault, before payment of the balance. Is B obliged to pay the

balance?

a. No, because the car was lost without his fault, Bs obligation is extinguished.b. No, because this is an instalment sale, until the buyer pays the price of the sale, S remains to be

the owner.

c. Yes, because of the principle the thing perishes with the owner.d. Yes, but S must give another car because of the principle Genus Nunquam Perit or Genus

never perishes.

3. B bought from S a specific tractor for P10,000. B paid P5,000 on the date of sale, and the balance tobe paid at the residence of B(Manila) three days thereafter. While en route to Manila, the tractor

was sold and delivered by S to X for P8,000. Which of the following is correct?

a. B is the owner because he has got an older title.b. B can rescind the sale, because S cannot comply anymore with his obligation.c. B can sue for specific performance.d. All of the above.

4. B went to a store and offered to buy a certain watch for P1,000. S said that he was willing to give itfor P1,200. B turned and got away because he did not want to pay the price. S called him(B) andsaid he was willing to sell the watch for P1,000. Is the contract perfected?

a. Yes, because there was a meeting of minds between S and B.b. No, S made another offer not accepted by B.


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c. Yes, because the consent was already manifested at the time of the offer.d. Yes, because Bs acceptance is not qualified.

5. In a contract of sale executed by S and B, it appears S sold his motor vehicle to B and B bought it forP50,000. It turned however, S has three motor vehicles. Galant valued P80,000. Hi- Ace van valued

P70,000, and a Jeep valued P60,000. Which of the following is correct?

a. The contract shall be reformed because there was a mistake.b. The parties can ask for interpretation because the word vehicle is ambiguous.c. The parties can ask for annulment of the contract.d. There is no contract.

6. Mr. Renato Tala-od owns a mango tree bearing fruits, ready for harvest. He sells all the fruits of thattree to Mr. Marcelo Abalos who pays Tala-od the sum of P5,000. Tala-od tells Abalos that he can

just harvest the fruits anytime he likes pointing at the particular tree. For legal purposes, Tala-od

has fulfilled his obligation to deliver the mango fruits to Abalos by

a. Traditio brevi manu c. Traditio longa manub. Traditio simbolica d. Answer not given

7. S offers to B 100 radio sets for P50,000 payable in 30 days with 10% interest per annum. B cables toadvise that he accepts provided the interest is reduced to 5%. Is S and B are both merchant and

there is no further communication between them relating to the terms, then

a. B has made a counter offerb. The contract is formed incorporating only the terms of S.c. The contract is perfected with Bs reduced interest rate becoming part of the agreement.d. None of the above.

8. Sale is distinguished from dation in payment in that in sale.a. There is a pre- existing obligation or creditb. The cause is the price.c. It is a mode of extinguishing an obligation in the form of payment.d. None of the above.

9. Mr. Ferman orders for his workers 1,000 pieces of T-shirts ranging in size from small to large fromLapulapu Garments Mfg. Corporation. The specified sizes although not then available, are

manufactured by said corporation and consigned to its sales outlet regularly. The contract entered

into by Mr. Ferman with the lapulapu Garments Mfg. Corporation is

a. Contract for a piece of work c. A contract of saleb. Contract subject to resolutory condition d. None of the above

10.S offered for sale to B 10 cavans of wagwag rice. B asks S the price per cavan. S told B that the priceper sack is P5 over the price in Divisoria Market. The price is

a. Certain because it has got reference to another thing which is certainb. Not certain, parties will go to courtc. Not certain because the price at Divisoria Market is not statedd. None of the above

11.S sells to B his 1988 Cougar car, and leaves to B to determine the price. B refuses to fix the price buttook tha car for his use. Which of the following statements is correct?

a. No sale, because the price is not fixed by the parties. c. No sale until a third person fixes theprice

b. There is a sale, B must pay a reasonable price. d. S may go to court and ask fordamages


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12.S sold to B a parcel of land for a lump sum of P50,000. The contract states that the area is 500square meters. Subsequently, it was ascertained that the area included within the boundaries is

really 550 square meters

a. S is bound to deliver 500 square meters and B to pay P50,000b. S is bound to deliver 500 square meters and B to pay P55,000c. S or B can rescind the sale because there is no meeting of mindsd. None of the above.

13.In the preceding question, if the land contain 445 square meters, which of the following is correct?a. S is bound to deliver 500 square meters and B to pay P50,000b. S is bound to deliver 445 square meters and B to pay P44,500c. B may rescind the sale because the lack in area is more than 1/10 of the total area.d. None of the above

14.S sold to B a specific car for P20,000 payable in four equal instalments. S delivered the car to B butrequired B to mortgage it back to S to answer for the unpaid instalments. B paid the 1

stinstalment

but the last three he failed to pay. S foreclosed the mortgaged property and sold it at public auctionfor P18,000

a. S can recover from B the balance of P2,000b. S can recover to B the balance of P2,000 if there is a stipulation to that effect.c. S cannot recover the deficiency any more even if there is stipulation to that effect.d. None of the above.

15.In the preceding number (14), if S did not foreclose the mortgaged property, insted he filed hisaction as an ordinary creditor, what would be your answer?

a. S can recover from B the balance of P2,000b. S can recover to B the balance of P2,000 if there is stipulation to that effect.c. S cannot recover the deficiency anymore even if there is stipulation to that effect.d. None of the above

III. DISCUSSION/ ENUMERATION1. Ver while in Mariveles agrees to ship goods to Var who is in Manila, FOB Manila. Before the goods

reached Manila, they were destroyed by fortuitous event. Who shall bear the risk of loss? Why? (5pts.)

2. Dan deposited his goods with Bodeg who issued to him a quedan which states that the goods are to

be delivered to the order of Dan. On the same day, Dan delivered the quedan to Don. On Jan. 15, 2013,

Don delivered the quedan to Dona, a purchaser for value. On Jan. 17, 2013, Don notified Bodeg that he

had sold the goods to Dona. At the time of notification, Bodeg had not yet learned of the transfer of

the document made by Don to Dona. Who has a better right to the goods? Why? (5pts.)

3. Vendors liability in case of eviction. (10 pts)

midterm examination acc

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