[Solved] A entered into a contract to sell over a residential lot. He has already paid more than 2 years installments. Thereafter, he failed to pay. What right does A have if the contract is cancelled?

Q.	A entered into a contract to sell over a residential lot. He has already paid more than 2 years installments. Thereafter, he failed to pay. What right does A have if the contract is cancelled?
A.	He has the right of reimbursement of all his payments regardless of the number of years of payment;
B.	He has the right to seek for a grace period of 1 month for every year of installment payments;
C.	He has the right of refund of the cash surrender value of the payments on the property equivalent to 50% of the total payments made;
D.	He has the right of reimbursement of 100% of his installments after payment for five (5) years.
Answer» C. He has the right of refund of the cash surrender value of the payments on the property equivalent to 50% of the total payments made;

757

Do you find this helpful?

View all MCQs in

Philippines Civil Law Society

Discussion

No comments yet

Related MCQs

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?
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?
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.
If the buyer of a subdivision lot in a contract to sell under the Maceda Lawfails to pay after payment of at least two (2) years of installments, can he still pay the balance?
A entered into a contract of sale with pacto de retro over B’s house & lot. The house is valued at P10M. B failed to exercise the right to repurchase. State the effect of B’s failure to exercise the right to repurchase.
A tolerated B to use his land, hence, B constructed a road where his trucks would pass through, going in and out of his land. Fifty (50) years thereafter, A asked B to pay rentals but B refused contending that he has already acquired ownership over the easement of right of way by prescription. Is B correct?
A is the owner of a parcel of land. He entered into a contract to sell with B with an obligation to pay the price within one (1) year. B failed to pay. State the effect of non-payment.
A sold his house and lot to B for P10M payable in 10 monthly installments. B paid P9M but failed to pay the last installment. What is the remedy of A?
X brought a house and lot from Y valued at P5M. He paid P3M and for the balance, he executed a promissory note with interest at 10% to be paid within 90 days. ABC Corporation executed a surety for the balance. X failed to pay, hence, ABC paid the amount and sued X for the interest and the principal. X contended that he is not bound due to novation when Y accepted the security. Is X 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?