Practice question
For a qualifying section 3 buyer, which combination is required for actual cancellation under section 3(b)?
- Default alone, without notice or refund.
- Only the seller’s internal bookkeeping entry.
- Expiration of thirty days from the buyer’s receipt of the notarial cancellation notice or demand for rescission, and full payment of the cash surrender value.
- Only mailing an unsigned ordinary reminder.
- Only returning one peso regardless of total payments.
Legal references
- https://lawphil.net/statutes/repacts/ra1972/ra_6552_1972.html — RA 6552, sections 3–5 and7.
- https://lawphil.net/judjuris/juri2007/jan2007/gr_167452_2007.html — Jestra Development v Pacifico, GR 167452, January 30 2007, main opinion: section 4 two-step cancellation.
Answer this question in flashcards to review your response and continue practicing.