Practice question
A buyer has paid exactly four qualifying years of installments and has not used section 3(a)’s grace entitlement within the relevant five-year interval. What total earned grace period follows the statutory rate?
- Four months.
- Four days.
- Eight years.
- Only fifteen days.
- No grace period because default removes all rights.
Legal references
- https://lawphil.net/statutes/repacts/ra1972/ra_6552_1972.html — RA 6552, sections 3–4.
- https://lawphil.net/judjuris/juri2007/jan2007/gr_167452_2007.html — Jestra Development v Pacifico, GR 167452, January 30 2007, main opinion: down-payment schedule and penalty distinction.
- https://lawphil.net/judjuris/juri2019/nov2019/gr_212740_2019.html — Spouses Francisco v Battung, GR 212740, November 13 2019, main opinion: installment value and time.
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