Quiz 4
Instructions: Provide the following case questions with brief answer. If the question is in essay form, limit your answer into four to five sentences.
- B obliged himself to pay S the balance of the purchase price of a subdivision lot within two years from completion by S of the roads in said subdivision. S brought action to foreclose the real estate mortgage executed by B to secure the payment of the unpaid price. B contends lack of previous notice of the completion of the roads and the absence of a demand for payment. Is this contention of B tenable? Explain.
- Petitioners CL (buyer) bound herself to pay HF (seller) P107,750.00 as the total price of the lot purchased: P10,775 shall be paid at the signing of the contract as downpayment, the balance of P96,975 shall be paid within a period of 10 years at a monthly amortization of P1,747.30 to begin from December 7, 1985 with interest at 18% per annum based on the balance and corresponding penalty in case of default. CL failed to pay the installments after April 1, 1989. She claims, however, that the 10-year period for the payment of the whole purchase price has not yet elapsed. Did CL incur in delay when she failed to pay the monthly amortizations? Explain.
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