Practice question
A covered buyer has completed eight qualifying years and paid PHP1,000,000 in total. The seller proposes a cancellation refund of PHP500,000, arguing that fifty percent never changes. No special adjustment or prior refund exists. Which statutory calculation is correct?
- 65 percent, or PHP650,000
- 50 percent, or PHP500,000
- 40 percent, or PHP400,000
- 95 percent, or PHP950,000
- 100 percent, or PHP1,000,000
Legal references
- RA6552: https://lawphil.net/statutes/repacts/ra1972/ra_6552_1972.html Section3(a)–(b).
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