Mr Buyer Bought a Car from Mr

Mr. Buyer bought a car from Mr. Seller, a dealer of cars under the following terms:(i) down payment of ₱500,000;(ii) entire balance is to be paid on December 24, 2004;(iii) a chattel mortgage is to be executed over the car bought or sold in favor of Mr. Seller. If on the due date for the balance, no payment is paid despite demand.

A) Mr. Seller may foreclose the mortgage on the car and recover any balance if there be a deficiency in the foreclosure sale.
B) Mr. Seller can foreclose the mortgage on the car but is precluded from recovering any balance.
C) Mr. Seller cannot foreclose the mortgage. His only remedy is to sue for the balance.
D) Mr. Seller can only cancel or rescind the sale.