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SALES QUIZ QUESTIONS

Quiz #1
1. What is a contract of sale?
2. What are the characteristics of a contract of sale?
3. What are the essential requisites of a contract of sale?
4. What are the stages of a contract of sale?
5. What is the difference between a contract to sell and a conditional sale?
6. What is the difference between a contract of sale and a contract of lease?
7. What may a sole owner of a thing sell?
8. What is a fungible good?
9. Distinguish between contract of sale and contract of agency to sell?
10. What is the test for a contact to be a “piece of work”?
11. What is the difference between an absolute contract of sale and a conditional
contract of sale?
12. What is the difference between sale and dacion en pago?
13. When is a price considered certain?
14. What is a simulation of contract of sale?
15. What is the effect if the price is simulated in a contract of sale?

Quiz #2
1. a) What is the reasonable price of goods? – p. 73
b) Situation: Is there a contract of sale between A and B? Is it necessary that the
seller prove that the agreed upon price is “fair market value”? – p. 75

2. a) What are the rules with respect to offer? – Art. 1319, p. 79


b) Does the failure to pay stipulated price in a contract of sale render the it void?
– p. 89

3. a) What is a sale by auction? P. 93


b) When is ownership of the thing sold transferred? – p. 97

4. a) What is an accepted unilateral promise to buy or to sell? (p. 100) How is it


different from a bilateral promise to buy and sell?
b) What is an option contract? (p. 101)

5. a) What are the rules regarding the risk of loss of the thing sold? (p. 123)
b) What are the rules regarding risk of deterioration? (p. 129)

Quiz # 3
1. A contract of sale can occur even when the seller sells his goods only by
description or by sample. – True
2. When a seller sells by description, he does not warrant that it will conform
to the description. – False
3. Option money, when given by the prospective buyer, buyer is bound to pay
the balance of the agreed price. – False (p. 139)
4. “Bulk of goods” is used to designate the greater portion of the goods. –
False (p. 136)
5. A certain amount given by a buyer to guarantee that he does not back out,
can later on become earnest money. – True
6. In a contract of sale payable in installments, the remedies are not to be
exercised successively unless the first remedy fails due to no fault of the
creditor. – False. Remedies are exercised alternatively.
7. If earnest money is paid by a prospective buyer, he is not bound to buy the
thing. – False. Earnest money is part of the purchase price and shows that the
buyer is in earnest for the sale, hence it binds him to it.
8. Remedies available in sale in installments are also applicable in contracts
to sell as long as all the essential requisites are present. – False, p. 154.
Does not apply to contract to sell.
9. In sales of personal property by installment or leases of personal property
with an option to buy, the parties may agree that the installments or rents
shall not be returned. – True
10. As a general rule, a contract of sale has no prescribed form. It may be oral
or in writing but never oral and partly in writing. – False.
11. Seller verbally sells to buyer his land. The sale is not valid because it is not
in writing and it is likewise unenforceable for the same reason. – False. Sale
is valid but unenforceable, p. 147
12. Earnest money may be deducted from the purchase price. False - Must be
deducted since it is an advanced payment, p. 137.
13. A sale by sample is like a sale by description. – True
14. In sale by installments, buyer fails to pay three installments. Seller opts to
foreclose and sells the thing in a public auction. Proceeds of the auction is
an amount much less than the balance. Seller can go after the unpaid
balance if this had been agreed upon. – False, p. 159 – No further action
against buyer for recovery of an unpaid balance. Any agreement to the contrary
is void.
15. Earnest money is always part of a consummated sale. – True
16. A deed of sale of real property notarized by a fake notary public is no
longer binding between the parties. False, p. 146. It is enough that it be
writing. Notarization even if false is of no consequence.

PROBLEMS
1. Jose sold his car to Pedro in installments payable in 6 months and covered by a
chattel mortgage. After paying for 3 months, Pedro stopped. Jose wrote a
demand letter to exact fulfillment of the obligation. Pedro refused to pay. Jose
filed an action to foreclose on the chattel mortgage. Pedro objects and says this
cannot be done as Jose already had opted to elect fulfillment upon Pedro’s
failure to pay and therefore Jose can no longer foreclose. Who is correct?
Decide and explain briefly your answer.

2. In the same case above, Jose files a suit for specific performance and causes the
levy on the car. The sheriff sells the car at public auction. But the proceeds of the sale
were not enough. Jose goes after the other properties of Pedro to cover the balance.
Pedro objects and contends that this is equivalent to a foreclosure so Jose is not
entitled to the unpaid balance. Who is correct?

Decide and explain briefly your answer.

Quiz #4
1. Who may not enter into a contract of sale? (p. 185)
2. What kind of contract is entered into by those who cannot give consent? (p.185)
3. Are contracts executed by insane persons always voidable? (p. 185)
4. What are necessaries? (p. 185)
5. What is the status of a contract of sale of real estate effected by minors who
have already passed the age of adolescence and are now in adult age when
they pretended to have already reached their majority, when in fact they have
not? (p. 185)
6. When can a husband and wife sell property to each other? (Art. 1490. P. 186)
7. Who are prohibited by law to acquire property by purchase? What is the reason
behind this prohibition ? (Art 1491. P. 193)
8. What is a compromise? (Art. 1492, p. 203)
9. What may the vendee do if the thing sold is partially lost? (Art. 1493, p. 205)
10. When is a thing considered lost? (Art. 1493, p. 206)
11. When does a thing “perish”? (p. 206)
12. What is the effect of a sale of indivisible goods in case of deterioration or partial
loss? (Art. 1494, p. 207)
13. What is meant by “specific goods”? (Art. 1494, p. 207)
14. – sale of specific goods
15. May a vendor sell a determinate object he does not own? (Art. 1495, p. 209)
16. What are the obligations of a vendor? (p. 211)
17. When is there actual or real delivery of the thing sold? (Art. 1496, p. 212)
18. What is a delivery by execution of a public instrument? (Art. 1498, par 1, p. 219-
221)
19. What is a contract of “sale on trial or approval”? (Art. 1502, p. 236)
20. Distinguish between a “sale or return” and a “sale on trial” (Art. 1502, p.236-237)

Quiz # 6
1. What is the effect of an indorsement of a document of title? Does it give
security?
2. Where is the place of delivery?
3. What may the buyer do if the seller delivers a smaller amount than that agreed
upon?
4. What is C.O.D.? F.O.B.? C.I.F?
a. What is the difference between F.O.B. point of shipment and F.O.B. point
of destination?
5. When is the vendor justified not to deliver goods?
6. What are the remedies of an unpaid seller?
7. When can an unpaid seller exercise his right to stop goods in transitu?
8. When are goods considered in transitu?
9. When can an unpaid seller exercise the right to sell? What are the three cases?
(p. 315)