A contract of sale of a lot stipulates that the "payment of the full consideration based on a survey shall be due and payable in 5 years from the execution of a formal deed of sale". Is this a conditional contract of sale? Support your answer.
A contract of sale of a lot stipulates that the "payment of the full consideration based on a survey shall be due and payable in 5 years from the execution of a formal deed of sale". Is this a conditional contract of sale? Support your answer.
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter2: Introduction To Spreadsheet Modeling
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![1. A contract of sale of a lot stipulates that the "payment of the full consideration based
on a survey shall be due and payable in 5 years from the execution of a formal deed
of sale". Is this a conditional contract of sale? Support your answer.
2. Fieldmen's Insurance issued, in favor of MYT, a common carrier, accident insurance
policy. 50% of the premium was paid by the driver. The policy indicated that the
Company will indemnify the driver of the vehicle or his representatives upon his death.
While the policy was in force, the taxicab driven by Carlito, met with an accident. Carlito
died. MYT and Carlito's parents filed a complaint against the company to collect the
proceeds of the policy. Fieldmen's admitted the existence thereof, but pleaded lack of
cause of action on the part of the parents. Decide.
3. Goldenrod offered to buy a mortgaged property owned by Barreto Realty to which it
paid an earnest money amounting to P1 million. It was agreed upon that Goldenrod
would pay the outstanding obligations of Barreto Realty with UCPB. However,
Goldenrod did not pay UCPB because of the banks denial of its request for the
extension to pay the obligation. Thereafter, Goldenrod, through its brocker, informed
Barreto Realty that it could not go through with the purchase of the property and also
demanded the refund of the earnest money it paid. In the absence of a specific
stipulation, may the seller of real estate unilaterally rescind the contract and as a
consequence keep the earnest money to answer for damages in the event the sale
fails due to the fault of the prospective buyer? Who are the persons incapacitated to
give consent? Support your answer.
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Transcribed Image Text:1. A contract of sale of a lot stipulates that the "payment of the full consideration based
on a survey shall be due and payable in 5 years from the execution of a formal deed
of sale". Is this a conditional contract of sale? Support your answer.
2. Fieldmen's Insurance issued, in favor of MYT, a common carrier, accident insurance
policy. 50% of the premium was paid by the driver. The policy indicated that the
Company will indemnify the driver of the vehicle or his representatives upon his death.
While the policy was in force, the taxicab driven by Carlito, met with an accident. Carlito
died. MYT and Carlito's parents filed a complaint against the company to collect the
proceeds of the policy. Fieldmen's admitted the existence thereof, but pleaded lack of
cause of action on the part of the parents. Decide.
3. Goldenrod offered to buy a mortgaged property owned by Barreto Realty to which it
paid an earnest money amounting to P1 million. It was agreed upon that Goldenrod
would pay the outstanding obligations of Barreto Realty with UCPB. However,
Goldenrod did not pay UCPB because of the banks denial of its request for the
extension to pay the obligation. Thereafter, Goldenrod, through its brocker, informed
Barreto Realty that it could not go through with the purchase of the property and also
demanded the refund of the earnest money it paid. In the absence of a specific
stipulation, may the seller of real estate unilaterally rescind the contract and as a
consequence keep the earnest money to answer for damages in the event the sale
fails due to the fault of the prospective buyer? Who are the persons incapacitated to
give consent? Support your answer.
ntroot ueneobout to ovnire bu
nytended and he continued to
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