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?

Related MCQs

• 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?
• All installment buyers of real estate are protected by R.A. 6552 (Maceda Law).
• 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?
• 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?
• 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period and after 30 days of Paul’s receipt of the notice and letter calling for the rescission of the contract Nik rescinded the same.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.
• 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?
• 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?
• A sold a car to B on installment basis secured by a chattel mortgage over the thing and a promissory note co-signed by C. A failed to pay four (4) monthly installments. Under the contract in case of non-payment, the vendor can exercise any of the remedies under Art. 1484, NCC and in case of deficiency, the seller can recover the balance. What is the remedy of A?
• 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.
• When goods are delivered to the buyer “on sale or return”, for a period of seven (7) days, ownership of the goods passes to the buyer,