Exam 6: Contractual and Partnership Issues

Mr. MO executed a real estate mortgage over his land in favor of Mr. ME as security for a substantial loan he obtained from the latter. The mortgage agreement provided for a "first refusal clause", i.e., Mr. MO, is obligated to offer the property first to Mr. ME in case he decides to sell the property mortgaged. Which of the following statements expresses a correct legal principle?

Mr. X pledged his gold watch to Mr. Y as security for a loan. The loan was not paid.

Mr. Reyes has a tax liability of ₱100, 000. In order to evade the payment of the tax liability, he executed a deed of sale of his only parcel of land valued for ₱100, 000.00 in favor of his brother, Pablo. The deed of sale stated a purchase price of ₱20, 000.00 but the BIR has evidence that said price had never been paid.

Mr. Ayco offered to sell his land to Mr. Cruz for ₱300,000. Mr. Cruz accepted the offer and paid Mr. Ayco the purchase price. Mr. Ayco delivered the owner's duplicate of the Transfer Certificate of title of the land. Mr. Cruz wants to register the land in his name but the Register of Deeds asks Mr. Cruz for the Deed of Sale. What can Mr. Cruz do?

The benefit of "exclusion" is available in a contract of

Consent is manifested by the meeting of the offer and the acceptance upon the thing and the cause which are to constitute the contract. Which of the following constitutes an offer?

Which of the following contracts are void?

No. 1 - The laws governing deposits govern the relationship between a bank depositor and a bank. No. 2 - A creditor may be compelled to receive a certified check in payment of a loan.

A, B and C are partners engaged in a retail business. Their contribution is ₱20, 000.00 each. D is admitted as a new partner with a contribution of ₱8, 000.00. At the time of his admission, the partnership has an outstanding obligation to E in the amount of ₱80, 000.00. In this case:

Mr. S sold a banana plantation to Mr. B for ₱3 million although its market value is ₱20 million. It was agreed that Mr. S shall remain in possession as lessee of the land and shall be responsible for the real estate taxes.

No. 1 - The mortgagor in a real estate mortgage may sell the property mortgaged despite a prohibition to that EFFECT. No. 2 - If there is a balance after the foreclosure sale in a chattel mortgage arising he deficiency cannot be recovered.

Which of the following contracts is not unenforceable?

Which of the following expresses a correct principle of law?

.Mr. X orally offered to sell his two-hectare rice land to Mr. Y for ₱10 million. The offer was orally accepted. By agreement, the land was to be delivered (through execution of a notarized deed of sale) and the price was to be paid exactly one-month from their oral agreement.

Mr. X promised to deliver a specified dog named "Auger" to Mr. Y on April 29, 2005.On the due date, no dog was delivered. Which is not correct?

Mr. Seller and Mr. Buyer orally agreed on the following: (i) the land to be sold has an area of 10,000 sq. meters (ii) price is ₱5 million (iii) Mr. Seller shall prepare the deed of sale.With fraudulent intent, Mr. Seller knowing the inadequacies of Mr. Buyer with respect to numbers wrote 1,000 sq. meters instead of 10,000 sq. meters. The sale is

Mr. X, without the authority of Mr. Y, owner of a car, sold the same car in the name of Mr. Y to Mr. Z. The contract between Mr. X and Mr. Z is

Andrea wrote Bernardo a letter offering to sell a piece of land. Andrea gave Bernardo two months within which to pay the price of ₱500,000. After 50 days Andrea informed Bernardo that she is increasing the price of the land to ₱700, 000. Can Bernardo compel Andrea to accept the ₱500,000 first offered and execute the deed of sale?

.Mr. X lost heavily in a private gambling with Mr. Y. He still owes Mr. Y ₱250,000 representing losses. Which is not true?

No. 1 - A contract of sale is a mode of acquiring ownership. No. 2 - Every delivery transfers ownership.