If the seller cancels the contract to sell under the Maceda Law, when will it take effect after receipt of notice of cancellation or demand for rescission by notarial act?

Related MCQs

• Nik sold to Paul a real property payable in monthly installments within a 5 year period, Paul was only able to pay 14 monthly installments, after the 60 day grace period and after 30 days of Paul’s receipt of the notice and letter calling for the rescission of the contract Nik rescinded the same. Paul contended that there was an automatic rescission done by Nik, hence, the same was void. Give the best answer.
• Seller wrote a letter to Buyer offering to sell a piece of land for P500,000. Seller gave Buyer two months to decide and pay the purchase price. Before the lapse of two months, Seller wrote Buyer that the price is now P700,000. Buyer insisted on an acceptance for P500,000. He wants to compel Seller to execute a deed of sale for the original offer of P500,000. May the Seller be compelled to honor the P500,000 offer?
• If an injured party in a contract has demanded rescission, he later may ask for performance. However, of he seeks performance, he can no longer seek for rescission of the contract.
• 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?
• 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?
• Mr. Seller offered a parcel of land to Mr. Buyer No. 1 under a contract to sell. Subsequently, Mr. Seller sold the same land to Mr. Buyer No. 2 who paid the price. After a couple of days, Mr. Buyer No. 1 paid the price. Which is correct?
• How often can the buyer under the Maceda Law make use of the grace period of one (1) month for every year of installment payments?
• If the buyer under the Maceda Law has paid less than two (2) years of installments, what is the grace period he is entitled to from the date the installments became due?
• 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
• A executed a 5-page notarial will before a notary public and three witnesses. All of them signed each and every page of the will. One of the witnesses was B, the father of one of the legatees to the will. What is the effect of B being a witness to the will?