Question: Mike wanted to own a residence. So, he went to a big-time developer to buy a house and lot. They agreed that the price of P10(M) shall be paid as follows: (a) down payment of P1(M); (b) balance of P9(M) in 60 monthly installments of P150,000.00. After having paid 15 monthly installments, he lost his capacity to pay and defaulted. The developer wanted to rescind their contract. Shall Mike be entitled to a refund of any amount?