Mr. S sold a banana plantation to Mr. B for P3 million although its market value is P20 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.

Related MCQs

• Magdalene and Shantung Company entered into a contract of agency before the consul general of the Philippines in Singapore. They stipulated that Magdalene shall be the administrator of the real properties of Shantung Company in the said country. By virtue of the said contract, Magdalene sold the 1 hectare land of Shantung Company located in Singapore to Mayhem Real Estate Corporation without any special power of attorney. The said contract of sale was executed before the vice consul of the Philippines in Singapore. Under the laws of Singapore, the sale of a real property by an agent without a special power of attorney is valid. Shantung Company filed a suit for the annulment of the contract of sale on the ground that Magdalene has no authority to sell the property. If you were the judge, which of the following courses of action should you take?
• X and Y executed a contract of lease, which provides as follows: “In the event that the lessee fails to pay on or before the due date of payment herein specified, the contract is deemed automatically terminated” and the lessee can be evicted without need of judicial order. Suppose that Y, the lessee fails to pay the rentals after giving a demand letter, may X, the lessor evict Y immediately?
• Debtor owes Creditor P20, 000. On the due date of the obligation, Debtor could not pay. Debtor instead offered his TV set worth P20,000 in payment of the obligation. Creditor agrees.
• 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 P5 million; and (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
• Wendy, single, bought a parcel of land in Dagupan City from Amante for P600,000.00. A contract was executed between them which already vested upon Wendy full ownership of the property, although payable in monthly installments for a period of 4 years. One year after the execution of the contract, Wendy got married to Lorenzo. They executed a marriage settlement whereby they agreed that their properties shall be governed by the regime of conjugal partnership of gains. Thereafter, subsequent installments were paid from the conjugal partnership funds. Is the land conjugal or paraphernal?
• Antonio sold a piece of land to Renato binding himself not to sell the same to another person. On the following day, Antonio sold the land to Carlos who immediately took possession in good faith. In the case at bar, the proper remedy of Renato is to:
• S and B entered into a sale of a four-hectare land for P1 million. S prepared the Deed of Sale and with fraudulent intent and taking advantage of B'’ failing eyesight changed the area of the land to reflect an area less than what had been agreed upon. The remedy of B upon discovery of the fraud is,
• A sold a parcel of land covered by TCT No. 9 to B. At the time of the sale, B knew that C has been in possession of the parcel of land as early as 10 years before the sale. B however checked with the Registry of Deeds and found the title to be clean. Is B a buyer in good faith?
• It is a process whereby the current of a river, creek, or torrent segregates from an estate on its bank a known portion of land and transfers it to another estate. Such process is known as:
• Which provision of the Condominium Act (RA 4796) is correct? 1. A condominium corporation shall not, during its existence, sell, exchange, and lease or otherwise dispose of the common areas owned by or held by in the condominium project unless authorized by the affirmative vote of all the stockholders or members. 2. Whenever real property has been divided into condominiums, each condominium separately owned shall be separately assessed, for purposes of real property taxation and other tax purposes, to the owners thereof and tax on each such condominium shall constitute a lien solely thereon.