Which of the following may be object of a chattel mortgage

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Reference no: EM133211430

Assignment:

Question 1. Which of the following may be the object of a chattel mortgage?

O Contracts for public works, and servitudes and other real rights over immovable property.
O Fertilizer actually used on a piece of land.
O Growing fruits on an agricultural lot.
O Docks and structures which, though floating, are intended by their nature and object to remain at a fixed place on a river, lake or coast.

Question 2. S, who was leaving for the United States as an immigrant, sold his house to B for P2,000,000.00, with B giving a down payment of P1,200,000.00. The parties agreed that S would lease the house for P50,000.00, the same to be deducted from B's balance of P800,000.00 until the scheduled departure of S for abroad two months later. Two days before the scheduled departure of S, the house was razed by fire that started at a neighbor's house.

O Both S and B should share in the loss because they mutually agreed on the terms of the contracts they entered into.
O S, being the owner at the time of the loss, must bear the risk of loss since he continued in physical possession of the house after the execution of the contract of sale.
O B need not pay the balance under the rule that "no person shall be responsible for fortuitous events!
O B must still pay the balance of P750.000.00 under the principle of "res perit domino" since he was already the owner at the time of loss.

Question 3. S sold his goods for P20,000.00 and shipped them FOB Shipping Point to B. While the goods were in transit, B defaulted in the payment of the price. Accordingly, S obtained physical possession of the goods and had them resold in a public sale where X was the winning bidder. As a result, which of the following statements is incorrect?

O If the goods were resold for P18,000.00, net of expenses of sale. S can recover the loss of P2.000.00 from B
O X acquired ownership of the goods when they were resold and delivered to him.
O B had not yet become the owner of the goods because they had not yet been delivered to him when they were repossessed by S while in transit to him.
O If the goods were resold for P22,000.00, net of expenses of sale, S is entitled to the profit of P2,000.00.

Question 4. Belinda bought a specific laptop from Supersonic Computer Store. It turned out that the laptop was sold to Anna three days earlier and that the same was brought back by Anna the following day to the store for the installation of certain programs therein. As a result, you have been presented the following statements for evaluation:

Statement I - Anna remained the owner of the laptop since she was the first possessor in good faith.

Statement Il - Belinda did not acquire ownership of the laptop on the theory that since Supersonic was no longer the owner at the time of sale, Belinda "acquired no better title than the seller had."

In your evaluation of the foregoing statements:

O Both Statements are true.
O Both Statements are false.
O Only Statement Il is true.
O Only Statement I is true.

Reference no: EM133211430

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