Palawan State University

College of Business and Accountancy

Subject: Sales, Agency and Credit Transactions
Professor: Atty. Emilia Concepcion D. Severino
July 9, 2015 (Quiz)
Instructions: Answer the following questions briefly and concisely. Write your answers legibly and avoid erasures.
1.
2.

3.
4.
5.
6.
7.
8.
9.

10.

Give the four (4) rules regarding the risk of loss or deterioration of the thing sold in a contract of sale. (8)
Mr. Y gave Ms. X a receipt which states:
Date: July 9, 2015
Received from Ms. X As down payment for my 2015 Nissan X-Trail with Plate No. AAA1234 the amount of P500,000. The balance of P400,000 shall be payable on December
9, 2015.
Sgd: Mr. Y
Does this receipt evidence a contract to sell? Why? (5)
Distinguish a Contract of Sale from a Contract to Sell. (6)
Ryan C. has sold a grand piano to Aiza S. by private instrument for P500,000. In that contract of sale, which is the
object, and which is the cause? (5)
What is policitacion? What is its effect? (5)
When is a contract of sale perfected? When is there a transmission of ownership of the thing sold? (5)
Define the following and give an example for each: (6)
a. Option contract
b. Earnest money
In a contract of sale of personal property the price of which is payable in installments, what are the different remedies
available to the vendor in case of breach of the contract of sale? (5)
Sheldon purchased a quantity of bed sheets which were wrapped up in bales. The sale was done in a warehouse.
Some bed sheets were pulled out, displayed, and found to be all right. Sheldon then purchased 100 bales, which he
later discovered to be bug-eaten. What, if any, are Sheldons rights? (5)
Mr. A transferred to Mr. B a parcel of land for the price of P100,000. It was stipulated in the contract that Mr. B will
pay P40,000 in cash and that for the difference, he will convey a Mirage automobile, valued approximately P60,000.
What kind of contract is this? Explain your answer. (5)

Palawan State University

College of Business and Accountancy
Subject: Sales, Agency and Credit Transactions
Professor: Atty. Emilia Concepcion D. Severino
July 9, 2015 (Quiz)
Instructions: Answer the following questions briefly and concisely. Write your answers legibly and avoid erasures.
1.
2.

Give the four (4) rules regarding the risk of loss or deterioration of the thing sold in a contract of sale. (8)
Mr. Y gave Ms. X a receipt which states:
Date: July 9, 2015
Received from Ms. X As down payment for my 2015 Nissan X-Trail with Plate No. AAA1234 the amount of P500,000. The balance of P400,000 shall be payable on
December 9, 2015.
Sgd: Mr. Y
Does this receipt evidence a contract to sell? Why? (5)
3.
Distinguish a Contract of Sale from a Contract to Sell. (6)
4.
Ryan C. has sold a grand piano to Aiza S. by private instrument for P500,000. In that contract of sale, which is the
object, and which is the cause? (5)
5.
What is policitacion? What is its effect? (5)
6.
When is a contract of sale perfected? When is there a transmission of ownership of the thing sold? (5)
7.
Define the following and give an example for each: (6)
a.
Option contract
b.
Earnest money
8.
In a contract of sale of personal property the price of which is payable in installments, what are the different remedies
available to the vendor in case of breach of the contract of sale? (5)
9.
Sheldon purchased a quantity of bed sheets which were wrapped up in bales. The sale was done in a warehouse.
Some bed sheets were pulled out, displayed, and found to be all right. Sheldon then purchased 100 bales, which he
later discovered to be bug-eaten. What, if any, are Sheldons rights? (5)
10.
Mr. A transferred to Mr. B a parcel of land for the price of P100,000. It was stipulated in the contract that Mr. B will
pay P40,000 in cash and that for the difference, he will convey a Mirage automobile, valued approximately P60,000.
What kind of contract is this? Explain your answer. (5)