Article 1493
ELI5— what this means for you
If the item being sold was already completely destroyed when the sale contract was finalized, the sale is void; if only part of it was destroyed, the buyer can choose to cancel the sale or take the remaining part at a proportionally reduced price.
Official text — RA 386
If at the time the contract of sale is perfected, the thing which is the object of the contract has been entirely lost, the contract shall be without any effect.
But if the thing should have been lost in part only, the vendee may choose between withdrawing from the contract and demanding the remaining part, paying its price in proportion to the total sum agreed upon. (1460a)
Source: lawphil.net (RA 386 as amended)
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