T/F 1. It is reserved at the moment of the perfection of the contract for if the right to repurchase is agreed upon afterwards, there is only a promise to sell which produces different rights and effect and is governed by Article 1616. 2.If there is an agreement as to the period of redemption, the period agreed upon cannot exceed six (6) years. 3.If the thing which is the object of the contract has been partially lost, the contract shall be without any effect. The reason is because there is an absence of an essential element, that is, the object. 4.It is a potestative condition because when exercised, the right of ownership acquired by the vendee is extinguished. 5. The essence of a pacto de retro sale is that title and ownership of the property sold is immediately vested in the vendee a retro, subject to the resolutory condition of repurchase by the vendor a retro within the redemption period. 6.Article 1493 states that "Where the parties purport a sale of specific goods, and the goods without the knowledge of the seller have perished in part or have wholly or in a material part so deteriorated in quality as to be substantially changed in character." 7.An equitable mortgage is one that reveals the intention of both parties to charge a real property as security for a debt, and contains nothing contrary to the law and good morals. All of this, of course, requiring the formality, form, words or other pre-requisites of a statute.
T/F
1. It is reserved at the moment of the perfection of the contract for if the right to repurchase is agreed upon afterwards, there is only a promise to sell which produces different rights and effect and is governed by Article 1616.
2.If there is an agreement as to the period of redemption, the period agreed upon cannot exceed six (6) years.
3.If the thing which is the object of the contract has been partially lost, the contract shall be without any effect. The reason is because there is an absence of an essential element, that is, the object.
4.It is a potestative condition because when exercised, the right of ownership acquired by the vendee is extinguished.
5. The essence of a pacto de retro sale is that title and ownership of the property sold is immediately vested in the vendee a retro, subject to the resolutory condition of repurchase by the vendor a retro within the redemption period.
6.Article 1493 states that "Where the parties purport a sale of specific goods, and the goods without the knowledge of the seller have perished in part or have wholly or in a material part so deteriorated in quality as to be substantially changed in character."
7.An equitable mortgage is one that reveals the intention of both parties to charge a real property as security for a debt, and contains nothing contrary to the law and good morals. All of this, of course, requiring the formality, form, words or other pre-requisites of a statute.
8.
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