A contract of sale is in the stage of conception when

There is meeting of the minds.

The contract is perfected.
The parties come to an agreement.
Negotiations are in progress.

A sold to B a horse for P5,000. No date is fixed by the parties for the performance of their respective
obligations. The obligation of A is:

to deliver the horse immediately as there is a perfected contract.

to deliver the horse upon payment by B of P5,000.
to rescind the contract as there is no time fixed for the delivery and payment.
to deliver the horse within a reasonable time of two months from the contract of sale.

Selena orally sold a parcel of land to Belia. They agreed that payment and delivery will be made 2
months thereafter. Belia failed to pay on the stipulated date. Selena filed a case against Belia to require
him to pay for the land. Belia did not allege Statute of Frauds as his defense. May
Belia be required to pay even if the contract is not in writing?
No because the contract is in violation of the Statute of frauds, thus, it is unenforceable.
No because there is no perfection of the contract so the parties have no right to demand performance
from each other.
Yes because the Statute of Frauds may be waived and Belia is deemed to have waived the same.
Yes because the contract has already been perfected and the parties can now demand performance of
their obligation.

Should the vendee’s failure to pay, cover two or more installments, the vendor may foreclose the chattel
mortgage on the thing sold but he shall have no further action against the purchase to recover any
unpaid balance of the price, except if there is an agreement to the contrary. Sale is a consensual
contract, therefore delivery or payment is not essential for its perfection
Only the second is true
Both are true
Only the first is true
Both are false