DLSU Manila ACTREG2 Quiz One 1. D orally borrowed P1,000 cash from C evidenced with conventional interest of 1% per month. In order to secure the said
... [Show More] loan, P orally pledged and delivered the cellphone of D to C. Aside from that, G orally guaranteed the contract of loan of D to C. Among the agreements entered into, which is valid? a. Contract of loan and contract of guaranty b. Contract of loan and contract of pledge c. Contract of guaranty and agreement to pay interest d. Contract of pledge and contract of guaranty 2. P orally authorized A to sell his land at a selling price of P100,000. A orally sold the said land to B, a minor, at a price of P95,000. The said buyer gave P5,000 earnest money to A. What is the status of the contract of sale of land? a. Rescissible b. Voidable c. Unenforceable d. Void 3. D borrowed P3,000 cash from C evidenced by a promissory note. In order to secure the said loan, D pledged and delivered his specific watch to C. At the maturity date of the loan, D defaulted in the payment of the loan. This prompted C to sell in public auction the pledged watch which resulted to net proceeds of P2,500. Which contract is extinguished? a. Contract of loan b. Contract of pledge c. Both a and b d. Neither a nor b 4. On January 1, 2021, S sold and delivered a 100-square meter lot to B at a selling price of P1,000 per square meter. On July 1, 2021, B discovered that the actual area is only 91 square meter. What legal remedy is available to B? a. Action quanti minoris or proportionate reduction of price b. Action for cancellation of sale c. Either a or b d. Neither a nor b contact: royfields212@gmail.com 5. In which type of accessory contract is right of redemption available to the mortgagor in case of extrajudicial foreclosure? a. Contract of pledge b. Contract of real estate mortgage c. Contract of chattel mortgage d. All of the above 6. Which of the following is not necessary for the perfection of the contract of sale? a. Meeting of minds between the buyer and seller b. Delivery of the subject matter c. Determinate thing d. Price certain in money or its equivalent 7. Which of the following instances will not create a rebuttable presumption that the sale with a right to repurchase is an equitable mortgage? a. When the price of a sale with right to repurchase is inadequate b. When the vendor remains in possession as lessee or otherwise c. When the purchaser retains for himself a part of the purchase price d. When the vendor binds himself to pay the taxes on the thing sold 8. S sold a mass of black pepper stored in his specific warehouse at a price of P100,000 to B. S gave the key of such warehouse to B. What type of constructive delivery of the mass of black pepper is done by S? a. Traditio clavium b. Traditio brevi manu c. Traditio constitutum possessorium d. Traditio longa manu 9. In which type of waiver of warranty against eviction is the seller still liable in case of eviction? a. Waiver consciente b. Waiver intentionada c. Waiver whereby the buyer acted in bad faith d. Waiver whereby the seller acted in good faith 10. In case of double sale of personal property, who among the buyers shall be preferred? a. Buyer with the oldest title b. First registrant of the deed of sale in good faith c. First payor in good faith d. First possessor in good faith 11. In which type of accessory contract is the secured creditor not allowed to recover deficiency from the foreclosure sale of the collateral? a. Contract of pledge b. Contract of chattel mortgage c. Contract of real estate mortgage d. None of the above 12. Which of the following is allowed to become the subject matter of contract of chattel mortgage? a. Condominium unit b. Shares of stocks of real estate company c. Agricultural land d. House and lot 13. Which type of accessory contract is not allowed to secure future obligations? a. Contract of pledge b. Contract of chattel mortgage c. Contract of real estate mortgage d. None of the above 14. What is the operative act that transfers ownership from the seller to the buyer in a contract of sale? a. Meeting of minds b. Full payment of the price c. Delivery d. Registration of certificate of title 15. Which of the following is allowed to become the subject matter of a contract of sale? a. Patrimonial property of the state b. Future inheritance c. Vain hope d. National park 16. Which of the following is not an implied warranty of assignor in contract of assignment of credit? a. Existence of credit b. Solvency of debtor c. Legality of debt d. None of the above 17. S obliged himself to deliver a specific laptop to B while B obliged himself to deliver a specific cellphone worth P10,000 and P10,000 cash to S. What contract is entered by S and B? a. Contract of sale b. Contract for a piece of work c. Contract of barter d. Contract of lease 18. T surreptitiously stole the brand new cellphone of O. Afterwards, T sold the said stolen cellphone to MCStore, an authorized dealer of brand new phones. B purchased the said cellphone from MCStore at a price of P50,000. Which of the following statements is correct? a. The contract of sale of cellphone from MCStore to B is void. b. O may legally recover the cellphone from B with obligation to reimburse B in the amount of P50,000. c. B obtained a good title over the cellphone. d. O may legally recover the cellphone from B without any obligation to reimburse B. 19. Which of the following contracts is generally perfected by mere consent? a. Contract of sale of building b. Contract of donation of car worth P100,000 c. Contract of antichresis involving an agricultural land d. Contract of pledge of laptop 20. Which of the following obligations may not be secured by accessory contracts? a. Void obligation b. Natural obligation c. Unenforceable obligation d. All of the above 21. M, a minor, orally sold a specific cellphone to B, an insane during the lucid interval of the latter at a price of P10,000. Arras money amounting to P500 was paid by B to M at the date of perfection of contract of sale. What is the legal remedy available to the proper party? a. Action for reformation of instrument b. Action for annulment of contract c. Action for declaration of nullity of contract d. None of the above 22. What is the ground provided by law when the unpaid seller exercises right of stoppage in transitu? a. When the goods sold are perishable b. When the contract of sale has no credit term c. When the buyer becomes insolvent d. When the credit term has expired 23. In a contract of mortgage, who is entitled to excess arising from the foreclosure sale of collateral? a. Always mortgagor b. Always mortgagee c. Generally mortgagor unless expressly granted to mortgagee d. Generally mortgagee unless expressly granted to mortgagor 24. In Pacto De Retro Sale of real property, what is the default period for the exercise of right of repurchase? a. Four years b. Ten years c. Thirty days d. Six months 25. In case the purchased animal dies of disease, which of the following is not an essential requisite for the seller to be liable? a. The animal dies within 3 days from the date of purchase. b. The disease is redhibitory. c. The disease exists at the time of sale. d. The disease is the cause of death of animal. 26. In case of breach of warranty against hidden defect, it refers to the legal remedy available to the buyer whereby he is asking for proportionate reduction of price. a. Accion redhibitoria b. Accion pauliana c. Accion subrogatoria d. Accion quanti minoris 27. S normally or publicly manufactures or produces an item based on the special request or customized designed provided by its client. What contract is normally entered into by S? a. Contract for a piece of work b. Contract to sell c. Contract of sale d. Contract of barter 28. S sold a specific right to B at a price of P10,000. B paid P2,000 arras at the time of perfection of contract. At the maturity date of the payment of the price, how much must B pay to S? a. P10,000 b. P8,000 c. P2,000 d. P12,000 29. Who shall be entitled to the fruits of the personal property covered by the contract of pledge? a. Pledgor b. Pledgee c. Pledgor and pledgee equally d. State 30. W and H are legally married under property regime of absolute community. W orally sold his specific laptop to H at a price of P500 when its book value is still P800 after H pointed a gun to W. Delivery and payment will happen after two years. What is the status of contract of sale of the specific laptop between W and H? a. Unenforceable b. Void c. Voidable d. Rescissible 31. Which of the following statements concerning the vendor’s liability for hidden defect is correct? a. The vendor is liable only if the reason of the loss of the thing with hidden defect is the hidden defect. b. The vendor is liable only if he was aware of the hidden defect. c. The vendor is not liable for the hidden defect if the loss is due to fortuitous event or fault of the vendee. d. The vendor is liable even he was not aware of the hidden defect. 32. A and B orally entered into a contract of sale of a specific authentic Coach bag at a price of P10,000. A paid an arras money amounting to P500 at the time of constitution of the contract. The parties agreed that the balance of the price will be paid after one month while the said bag will delivered after one week. At the agreed date of delivery of the bag, B delivered a counterfeited coach bag. What is the best legal remedy available to A? a. File an action for damages for breach of contract of sale. b. File an action for annulment of voidable contract of sale. c. File an action for declaration of nullity of void contract of sale. d. He has no action because the contract of sale is unenforceable. 33. A stole the specific cellphone of B. Afterwards, A sold at a price of P10,000 the said specific cellphone to C who acquired the said item in good faith and for value. Which of the following statements is correct? a. B may recover the said cellphone from C even without reimbursing C. b. B may recover the said cellphone from C but with obligation to reimburse P10,000. c. C obtains good title over the cellphone because he is a purchaser for value and in good faith. d. C obtains a voidable title over the cellphone which is valid and binding until annulled. 34. On January 1, S delivered a specific laptop to B under a sale or return arrangement. S gave B up to April 1 to return the specific laptop. On March 1, the specific laptop was destroyed by fire without B’s fault. Which of the following is correct? a. B is not required to pay the price of the laptop because the obligation is extinguished by fortuitous event. b. S is still the owner of the specific laptop since B has not yet signified his approval or satisfaction of the said item. c. B will become owner of the specific laptop only upon full payment of the price. d. S can collect the price even if the loss is without B’s fault. 35. Minor, a ward, sold in writing the cellphone of his father, his legal guardian, to an insane, during the latter’s lucid interval at a price of P10,000 when the cellphone’s book value is still P15,000 resulting to lesion more than ¼ the value of the thing sold. What is the status of the contract of sale? a. Rescissible b. Voidable c. Unenforceable d. Void 36. On January 1, 2020, S orally sold a specific laptop to B at a price of P50,000 with delivery to be made on February 1, 2020 and payment of the price to be made on March 1, 2020. On February 1, 2020, S refuses to deliver the laptop despite repeated demands from B. What is the legal remedy available to B? a. File an action for exact fulfillment plus damages by reason of delay b. File an action for rescission of contract of sale plus damages for breach of contract c. File an action to compel S to execute and sign the deed of sale evidencing their agreement d. None of the above 37. D borrowed P10,000 from C whereby D delivered and pledged his specific watch to C to secure the payment of the loan. Aside from that, G guaranteed in writing the loan of D. At the maturity date of the loan, C voluntarily returned the said watch to D. Which contract is/are extinguished by the return of the watch? a. Contract of pledge only b. Contract of pledge and contract of guaranty only c. Contract of pledge and contract of loan only d. Contract of pledge, contract of guaranty and contract of loan 38. S, a heavily indebted but solvent person, orally sold his specific condominium unit to B at a price of P1,000,000. At the date of oral agreement, B paid P50,000 arras money. Their oral agreement provides that delivery will of the unit will be done after 15 months. What is the status of contract of sale? a. Valid and binding b. Rescissible c. Voidable d. Unenforceable 39. S sold a counterfeited G-Shock watch to B who paid a faked money. Which of the following statements is correct? a. Only S may file an action to collect a sum of money against B for the price of the G-Shock. b. Only B may file an action for exact fulfillment plus damages against S for breach of implied warranty of authenticity. c. Neither S nor B may file an action against each other. d. Both S and B may file an action against each other. 40. S orally authorized B to sell his specific house at a price of P1,000,000. B orally sold the said house to V in the name of S at a price of P1,500,000 when its cost to S is actually P2,500,000, thereby, S suffered lesion by more than ¼ the value of the house. Payment of the price and delivery of the house will happen after one month after the date of agreement. What is the legal remedy available to the injured party? a. File an action for annulment of contract b. File an action for declaration of nullity of contract c. File an action for rescission of contract d. None of the above 41. M, a minor, orally borrowed P10,000 cash from L. In order to secure his obligation, M orally pledged and delivered the cellphone of his father to L. What is the status of contract of pledge? a. Rescissible contract b. Voidable contract c. Unenforceable contract d. Void contract 42. What is the prescriptive period of action based on redhibitory defect of animal? a. 3 days from the date of delivery b. 40 days from the date of delivery c. 6 months from the date of delivery d. 1 year from the date of delivery 43. P orally authorized A to sell his land at a price of P100,000. A orally sold the land in P’s name to B, an insane person, at a price of P20,000. Delivery and payment will happen after one month. What proper legal remedy is applicable to the injured party? 44. a. Action for declaration of nullity b. Action for annulment of contract c. Action for rescission of contract d. None because the contract is unenforceable 45. On January 1, 2010, S orally sold and delivered a specific house and lot to B at a price of P1,000,000. They agreed that payment of the price shall be made on July 1, 2010. The parties agreed that in case of non-payment of the price, the contract of sale will be automatically cancelled without intervention of the court of law. It is already July 2,2010 but B has not yet paid the price. Which of the following statements is correct? a. The contract of sale is automatically cancelled on July 1, 2010. b. S cannot maintain an action for the price against B because the contract of sale is unenforceable. c. The contract of sale is null and void because of the absence of price which is the cause or consideration of the sale. d. B may still pay the price of the contract of sale after July 1, 2010. 46. On January 1, 2001, S and B agreed in writing for the sale of specific TV at a price of P10,000. The terms of the contract provide the delivery of the TV shall be made on January 5, 2001 while the payment of the price is on a deferred term to be made on April 1, 2001. On January 5, 2001, S failed to deliver the TV set despite extrajudicial demand for the delivery made by B. Which of the following is correct? a. S may exercise his right of possessory lien because he has not yet received the price. b. S may exercise his right of stoppage in transitu because he is an unpaid seller. c. B may file an action for specific performance with damages against S. d. B may file an action for declaration of nullity of the contract of sale. 47. On January 1, S delivered a specific laptop to B under a sale or return arrangement. S gave B up to April 1 to return the specific laptop. On March 1, the specific laptop was destroyed by fire without B’s fault. Which of the following is correct? a. B is not required to pay the price of the laptop because the obligation is extinguished by fortuitous event. b. S is still the owner of the specific laptop since B has not yet signified his approval or satisfaction of the said item. c. B will become owner of the specific laptop only upon full payment of the price. d. S can collect the price even if the loss is without B’s fault. 48. B borrowed P100,000 from L. In order to secure his obligation, B mortgaged his house under contract of chattel mortgage. B defaulted in the payment of the principal obligation. Which of the following statements is correct? a. The contract of chattel mortgage is not binding because the subject matter of the chattel mortgage must be personal property. b. The contract of loan is void. c. Unsecured creditor of B cannot ask for declaration of nullity of the contract of chattel mortgage because of the concept of relativity of contract. d. L may still foreclose the chattel mortgage constituted over the house. 49. B borrowed P500,000 from L. In order to secure the said obligation, T mortgaged his land. The contract of real estate mortgage provides that T is absolutely prohibited from selling the mortgaged land to third person. L registered the deed of real estate mortgage in the Registry of Deeds. Afterwards, T sold said mortgaged land to A. Which of the following statements is correct? a. L may foreclose the land already owned by A in case of default by B in the principal obligation. b. The contract of sale of land from T to A is void because it is prohibited by the terms of real estate mortgage. c. The contract of real estate mortgage will not bind and affect A because of the concept of relativity of contract. d. The contract of real estate mortgage is void because B is not the owner of the mortgaged land. 50. On January 1, 2001, S entered into a notarized contract to sell with A involving a specific laptop without payment of price. On January 2, 2001, S orally entered into a contract of sale with B involving again the same laptop. On January 3, 2001, S sold in written private instrument the same laptop to C who fully paid the price but without physical delivery. After discovery of the sale to C, B immediately obtained physical possession of the laptop from S. Who has better right over the laptop? a. A b. B c. C d. S 51. If there are reasonable grounds to fear the destruction or impairment of the thing pledged without the fault of the pledgee, what is the legal remedy available to the pledgor? a. To ask that the thing pledged be judicially or extra-judicially deposited. b. To ask that the thing be deposited with a third person. c. To demand the return of the thing pledged, upon offering another thing in pledge, provided the latter is of the same kind and quality. d. To demand the extinguishment of the contract of pledge. 52. Which of the following statements concerning the vendor’s liability for hidden defect is correct? a. The vendor is liable only if the reason of the loss of the thing with hidden defect is the hidden defect. b. The vendor is liable only if he was aware of the hidden defect. c. The vendor is not liable for the hidden defect if the loss is due to fortuitous event or fault of the vendee. d. The vendor is liable even he was not aware of the hidden defect. 53. Mr. A orally sold his specific land to Mr. B at a selling price of P499. The delivery and payment will be made after two months. On the agreed date of performance of contract, Mr A did not perform his obligation. What is the remedy available to Mr. B? a. File an action for specific performance b. He has no remedy. c. File an action to compel Mr. A to execute a written contract d. File an action for declaration of nullity 54. A has an outstanding loans payable of P10,000,000 with a term of 15 years. The loan is secured by a real estate mortgage on the land of A. After 1 year, A and the bank agreed to reduce the principal amount of the loan to P5M and the term is shortened to 5 years. Which of the following statements is correct? a. No obligation remains to exist because of novation. b. The contract of real estate mortgage is extinguished. c. There is no novation because novation can never be presumed. d. The novation is void because there is no delivery of sum of money. 55. M issued a promissory note to P which states “I promise to pay P P10,000.” The promissory note was issued in exchange for a specific laptop. P subsequently indorsed and delivered the said promissory note to A. If M becomes insolvent at the maturity date of the note, which of the following is correct? a. A can validly collect from P provided a corresponding notice of dishonor is given to P. b. A cannot go after from P in the absence of express warranty of solvency of M. c. A cannot go after from P even if the insolvency of M is already existing and public knowledge at the time P assigned the note to A. d. A can validly collect from P because the latter violated his warranty. 56. M issued a promissory note to P which states “I promise to pay P P10,000.” The promissory note was issued in exchange for a bag of marijuana. P subsequently indorsed and delivered the said promissory note to A. Which of the following statements is correct? a. A can validly collect from M if A acquired the promissory note in good faith and for value. b. A can go after P only if M will dishonor the note and only if a corresponding notice of dishonor will be given to P. c. A cannot validly collect from M if A has knowledge of the infirmity in the instrument thus making A a holder not in due course. d. A can validly collect from P because the latter violated his warranty. 57. Which of the following is not a requisite in order for the vendor to be liable in case the animal sold dies of disease? a. The animal dies within 3 days from time of purchase. b. The disease is redhibitory. c. The disease exists at the time of sale. d. The disease is the cause of death of the animal. 58. In which of the following instances are the goods still in transit? a. If the goods are rejected by the buyer, and the carrier or other bailee continues in possession of them, even if the seller has refused to receive them back. b. If the buyer obtains delivery of the goods before arrival at the appointed destination. c. If the carrier or other bailee acknowledges to the buyer or his agent, that he is holding the goods in his behalf, after arrival of the goods at their appointed destination. d. If the carrier or other bailee wrongfully refuses to deliver the goods to buyer or his agent. 59. On January 1, 2001, A obliged to sell a specific dog to B if the latter will pass the CPA board exam. The specific gave birth to a puppy on March 1, 2001. B passed the CPA board exam on October 1, 2001. Meanwhile, A sold and delivered the same dog to C on July 1, 2001. Which of the following statements is correct? a. B obtains real right over the specific dog on October 1, 2001. b. B obtains personal right over the puppy on July 1, 2001. c. C shall be entitled to the puppy. d. C has better right against B over the specific dog. 60. S sold a piece of land with an area of 80SQM to B at a price of P1,000 per square meter. After the delivery of the land, B measured the land and discovered that the actual area is only 73SQM. What is the remedy available to B? a. Action for proportionate reduction of price b. Action for cancellation of contract of sale c. Either a or b d. Neither a nor b 61. A, B and C are co-owners of a rural land with an area of 1,000SQM in the ratio of 1:4:5. The said rural land is adjoined by 200SQM rural land of D in the north and 300SQM rural land of E in the south. E’s use of the land appears to be best justified. C sold his share in the said rural land to F. Who has the preferred right to exercise the right of legal redemption? a. A at an area of 500SQM because his share in the co-owned land is smaller. b. D at an area of 500SQM because his adjoining rural land’s area is smaller. c. E at an area of 500SQM if his use of the said rural land appears to be best justified. d. A and B at proportionate area 100SQM and 400SQM respectively. 62. Which of the following stipulations in a contract of pledge is valid? I. Stipulation allowing the pledgee to appropriate the thing pledged in case it is not sold in first and second public auctions. II. Stipulation allowing the pledgee to be entitled to the excess in case the foreclosure sale results to excess. III. Stipulation providing that the return of the thing pledged to the pledgor will extinguish the contract of pledge. a. I only b. I and II only c. II only d. I, II and III 63. Which of the following stipulations is valid in a contract of real estate mortgage? a. Stipulation prohibiting the mortgagor from selling or disposing the mortgaged property during the term of the secured loan b. Stipulation establishing tipo or upset price in the foreclosure sale of the mortgaged property c. Stipulation allowing the mortgagee to appropriate the property mortgaged in case of default by the debtor in the payment of the secured loan d. Stipulation awarding the excess in the foreclosure sale of the mortgaged property to the mortgagee 64. Which of the following instances extinguishes the contract of pledge but not the secured contract of loan? a. Appropriation by the pledgee of the thing pledged at the first default by the debtor b. Oral renunciation by the pledgee of the contract of pledge c. Return by the pledgee of the thing pledged to the pledgor d. Sale of the thing pledged at public auction at net proceeds less than the amount of secured loan 65. BDO Unibank borrowed P10B from Vista Land Co. In order to secure the loan, BDO Unibank mortgaged its land to Vista Land Co. The borrower defaulted in the payment of the loan at the maturity date. This resulted to the extrajudicial foreclosure of the mortgaged land. What is the period available to the mortgagor for the exercise of right of redemption? a. Within one year from the foreclosure sale b. Within three months from the foreclosure sale c. Within 30 days from the foreclosure sale d. Within a period of not less than 90 days but not more than 120 days from foreclosure sale 66. A borrowed P100,000 from B. In order to secure this contract of loan, A mortgaged his car to B under a contract of chattel mortgage. The borrower defaulted in the payment of the loan at the maturity date. This resulted to the extrajudicial foreclosure of the mortgaged car. Which of the following statements concerning the net proceeds is correct? a. B can never recover the deficiency from the foreclosure despite any stipulation for recovery. b. B may recover the deficiency unless there is stipulation to the contrary. c. A will never be entitled to the excess despite any stipulation to that effect. d. B is entitled to the excess unless there is stipulation to the contrary. 67. Who shall be entitled to the fruits of the personal property covered by the contract of pledge? a. Pledgor b. Pledgee c. Pledgor and pledgee equally d. State 68. D borrowed P10,000 from C. In order to secure this contract of loan, D pledged a promissory note payable to D issued by M with maturity value of P13,000. At the date of maturity of the secured contract of loan and the pledged note receivable, C was able to collect P12,000 from M. Who shall be entitled to the excess P2,000? a. D b. D but only if there is stipulation to that effect c. C unless there is stipulation to the contrary d. C despite any stipulation to the contrary 69. Which of the following instances is not an indicator that a contract purporting to be an absolute sale or pacto de retro sale shall be presumed to be an equitable mortgage? a. When the vendor remains in possession as lessee b. When the vendee binds himself to pay the real property taxes on the thing sold c. When the period for the exercise of the right of repurchase is extended d. When the purchaser retains for himself part of the purchase price 70. Which of the following remedies is not available to the buyer in a breach of warranty committed by the seller in a contract of sale? a. Accept or keep the goods and set up against the seller the breach of warranty by way of recoupment or diminution or extinction of the price b. Accept or keep the goods and maintain an action for annulment of contract of sale by reason of breach of warranty c. Refuse to accept the goods, and maintain an action against the seller for damages for breach of warranty d. Rescind the sale and refuse to receive the goods or if the goods have already received, return them or offer to return them to the seller and recover the price of any part thereof which has been paid 71. S and B entered into a contract of sale of goods to be delivered to B through a common carrier. B has sent post-dated check to S as payment for the price. S delivered the goods to the common carrier for transmission to B. Before the arrival at the destination of the goods and before S the encashment of the post-dated check, B becomes insolvent. What right is available to S? a. Right of possessory lien b. Right of resale c. Right of stoppage in transitu d. Right to rescission 72. Shopper A deposited his specific laptop to the baggage counter of SM Department Store. Such specific laptop was displayed by SM Department Store in the mall. Shopper B acquired the said laptop from SM Department Store at a price of P5,000. Which of the following statements is correct? a. Shopper B is entitled to the said laptop. b. Shopper A may recover the laptop from Shopper B without any obligation to reimburse Shopper B. c. Shopper A may recover the laptop from Shopper B but with obligation to reimburse Shopper B. d. Shopper B must pay P5,000 to Shopper A in order to perfect his ownership over the laptop. 73. In the same titled land is sold to two or more different buyers by the same seller, who among the buyers shall have better right? a. First actual possessor of the land in good faith b. First constructive possessor of the land in good faith c. First registrant of the deed of sale in good faith d. Buyer in good faith with the oldest title 74. A agreed to deliver a specific laptop worth P12,000 to B. On the other agreed, B agreed to deliver a specific cellphone worth P7,000 plus P5,000 cash to A. What contract is entered into by A and B? a. Contract for a piece of work b. Contract to sell c. Contract of sale d. Contract of barter 75. S normally or publicly manufactures or produces an item for the general market. What contract is normally entered into by S? a. Contract for a piece of work b. Contract to sell c. Contract of sale d. Contract of barter 76. What is the ground for the exercise by the unpaid seller of his right of stoppage in transitu? a. The goods are of perishable nature. b. The buyer has been in default for an unreasonable length of time. c. The buyer becomes insolvent. d. The credit term has expired. 77. In what type of waiver by the buyer of warranty against eviction will the seller become fully exempted from liability in case of eviction? a. Waiver quanti minoris b. Waiver consciente c. Waiver redhibitoria d. Waiver intentionada 78. On January 1, 2001, S sold an immovable to B with a nonapparent and unregistered servitude. On July 1, 2002, B discovered such servitude after inspection of the immovable acquired. What remedy is available to B within one year after such discovery? a. Action for indemnification for damages b. Action for cancellation of the contract c. Either A or B d. Neither A nor B 79. L delivered P1,000,000 cash to B as consideration for the orally entered contract of loan. In order to secure the payment of the contract of loan, B and L orally entered into a contract of real estate mortgage over B’s land. Which of the following statements is correct? a. The contract of loan is unenforceable because it is not in writing. b. The contract of real estate mortgage is not binding because it is not in public instrument. c. The contracts of loan and real estate mortgage are binding. d. The contract of real estate mortgage is unenforceable because it is not registered in Registry of Property. 80. Which of the following accessory contracts is divisible by its nature? a. Contract of pledge b. Contract of real estate mortgage c. Contract of chattel mortgage d. None of the above 81. Which of the following is not a characteristic of a contract of sale? a. Onerous b. Commutative c. Real d. Reciprocal -Nothing Follows- [Show Less]