X communicated to Y that he was selling his house and lot and gave him an option to buy the same up to the end of the month of September. Y accepted the offer with an agreement that Y will allow X to stay in his house in Los Angeles, California during Christmas time that year. Is the option binding upon X?

Related MCQs

• Seller wrote Buyer offering to sell his only house for a specified price. The letter was mailed on the same date it was written. Buyer offered to buy the same house for the same price and the letter containing the offer to buy was also mailed on the same date it was written. On the same date and time Seller and Buyer received the letters written to each other.
• A built his house on his lot up to the boundary line and opened windows with direct view over the lot of B. Twenty (20) years later, B built his house up to the boundary line of his lot, hence, A filed a complaint enjoining B from building his house up to the boundary contending that he has acquired the easement of light and view by prescription and that B cannot build less than 3 meters from the boundary. Is A correct?
• A sold a parcel of land to B covered by TCT NO. 152 with C as a witness. When D wanted to buy a property, he executed a special power of attorney for E to buy a property for him. E entered into a contract of sale with A for the purchase of the same lot and registered it under the name of D. Who between B and D has a better right over the lot?
• A is the owner of a parcel of land adjoining B’s lot. B, knowing that the lot did not belong to him constructed his house on the lot belonging to A. Which of the following is the not correct?
• A called up B that he was selling his house and lot for P10M. Within one (1) hour after B accepted the offer, he invited A for dinner at the Manila Hotel where B paid the dinner in the amount of P5,000.00. They agreed that the P5,000.00 was the downpayment. A receipt for the payment of P5,000.00 for the dinner was issued. When A refused to sell, B sued for specific performance. Is B correct?
• .Mr. X orally offered to sell his two-hectare rice land to Mr. Y for P10 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.
• A & B entered into a contract of sale, A, obligating himself to deliver his house and lot to B who obligated himself to pay P2M upon delivery. B has already paid, but A has not delivered the house and lot despite demand. State the remedy of B.
• A is the owner of a parcel of land covered by TCT No. 123 located in a subdivision property being developed by XYZ Corporation. He did not know the exact location of the lot, hence, he consulted the developer who pointed to a lot, hence, he constructed his house. It turned out that it was another lot covered by TCT No. 124. Is A a builder in good faith?
• A borrowed money from B. As security for the payment of the loan, he executed a chattel mortgage on the building erected on his land and the machinery stored therein. For failure to pay the loan, he was sued and a judgment was rendered against him, where the building and the machinery were levied upon. Is the chattel mortgage binding upon C, the plaintiff?
• A entered into a contract of sale over B’s house and lot but since there is a balance which remained unpaid, A executed a mortgage over the house and lot. A failed to pay. Can B rescind the contract?