X was so in love with M. To show his true love, he insisted that M take his Toyota Fortuner worth P2Million. M was embarrassed but she is in need of a car. In order not to be entirely indebted to X, M agreed that she will pay X P10,000.00 for the car. Is the contract of sale valid? A. Yes. The gross inadequacy of the price does not render the contract invalid. B. Yes. The property is properly located and identified. C. No. X cannot sell a car for a very low price. It shows that he has no intention to really sell it. D. No. X must first obtain the permission from the Bureau of Internal Revenue if he can sell the car for a very low price.
X was so in love with M. To show his true love, he insisted that M take his Toyota Fortuner worth P2Million. M was embarrassed but she is in need of a car. In order not to be entirely indebted to X, M agreed that she will pay X P10,000.00 for the car. Is the contract of sale valid? A. Yes. The gross inadequacy of the price does not render the contract invalid. B. Yes. The property is properly located and identified. C. No. X cannot sell a car for a very low price. It shows that he has no intention to really sell it. D. No. X must first obtain the permission from the Bureau of Internal Revenue if he can sell the car for a very low price.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
X was so in love with M. To show his true love, he insisted that M take his Toyota Fortuner worth P2Million. M was embarrassed but she is in need of a car. In order not to be entirely indebted to X, M agreed that she will pay X P10,000.00 for the car. Is the contract of sale valid?
A. Yes. The gross inadequacy of the price does not render the contract invalid.
B. Yes. The property is properly located and identified.
C. No. X cannot sell a car for a very low price. It shows that he has no intention to really sell it.
D. No. X must first obtain the permission from the Bureau of Internal Revenue if he can sell the car for a very low price.
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