Practice question
During the applicable grace and before actual cancellation, a covered buyer tenders the full amount needed to update the account and invokes reinstatement. The seller refuses solely because it already privately decided to cancel, without completing statutory actual cancellation. Which Section5 response is correct?
- The private decision alone does not defeat the timely statutory reinstatement right
- Every private cancellation decision instantly ends Section5 rights
- Only a resale to a stranger can reinstate
- A notarized notice necessarily prevents all later reinstatement immediately
- The buyer must pay the price twice
Legal references
- RA6552: https://lawphil.net/statutes/repacts/ra1972/ra_6552_1972.html Sections3–5,7.
- Jestra Development v Pacifico GR167452 January30,2007 MAIN: https://lawphil.net/judjuris/juri2007/jan2007/gr_167452_2007.html Section4 sequential cancellation requirements.
Answer this question in flashcards to review your response and continue practicing.