Practice question
A covered buyer has paid exactly six qualifying years of installments totaling ₱1,200,000. No independent full-refund ground is asserted. What is the section 3 cash surrender value upon cancellation?
- ₱120,000.
- ₱600,000.
- ₱720,000.
- ₱1,200,000.
- ₱660,000.
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.
Answer this question in flashcards to review your response and continue practicing.