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REMEDIES
REMEDIES
RECTO LAW
Contract of Sale Payable in INSTALLMENTS for Personal Properties
The ALTERNATIVE Remedies of the vendor or seller in case of failure to pay by the vendor or buyer:
1. Exact fulfillment of the obligation, should the vendee fail to pay
2. Cancel the sale should the vendee’s failure to cover 2 or more installments
3. Foreclosure the chattel mortgage on the thing sold, if one has been constituted, should the vendee’s
failure to cover 2 or more installments. In this case, he shall have no further action against the purchaser
to recover any unpaid balance of the price. Any agreement to the contrary is void.
1469. Price
If the SPECIFIED PERSON is prevented by fault of a party, the aggrieved party may have remedies
against the party at fault
1481. Sale of goods by description and/or sample
Remedies: a) Cancel or rescind the sale, return the goods and collect the account paid.
b) Retain the goods and sue for breach of warranty
1486. Maceda Law (RA 6552)
Section 3: Remedies for the buyer when he has paid at least 2 years of installments in case he defaults in
payment of succeeding installments:
a) To pay without interest within the total grace period – 1 month for every 1 year installment (can only
be availed 1x every 5 years)
b) Cancel the contract, seller give 50% + 5% per year if after 5 years of installments but does not exceed
90% of the total payments (Provided, the actual cancellation of the contract shall take place after thirty
days from receipt by the buyer of the notice of cancellation or the demand for rescission of the contract by
a notarial act and upon full payment of the cash surrender value to the buyer)
1493 Loss of the Object BEFORE SALE IS PERFECTED
Partially Lost Remedies:
Withdrawal or rescission