Enumeration Flashcards
(16 cards)
Give 3 Characteristics of Sale
Bilateral Contract
Onerous Transaction
Commutative
Consensual Nature
Nominal Contract Principal Contract
2 Types of implied warranties
Warranty of Merchantability
Warranty of Fitness for a Particular Purpose
Give 2 forms of sale
In writing
By word of mouth
Partly in Writing and Partly by Word of Mouth
Inferred from the Conduct of the Parties
Give the 3 Legal Remedies in Warranty
Replacement
Refund
Repair
Give the 2 parties in Pacto De Rectro Sale
Vendor a retro
Vendee a retro
Give the 3 Instances of Legal Redemption
Legal Redemption by Co-owners
Legal Redemption by adjoining owner of rural land
Legal Redemption by adjoining owner of urban land
Give the two scope of PD 957
Subdivision lots
Condominium units
Give the two laws that regulate subdivision and condominium sales
PD 957
Condominium Act/RA 4726
Remedies of Vendor in Sale of Personal Property
Exact fulfillment of the obligation
Cancel the sale
Foreclose the chattel mortgage
Scope and Coverage of Recto Law
Personal Property
Installment Sales
Two types of properties NOT covered by Maceda Law
Industrial properties or Commercial properties
Sales financed through banks or other financial institutions
Two key benefits of the Maceda Law to buyers
Protects installment buyers from unfair contract cancellations
Ensures buyers receive a fair refund of their payments
2 Key provisions under Maceda Law
Rights of buyers who have paid at least 2 years
Rights of buyers who have paid less than 2 years
Enumerate the 7 characteristics of a contract of agency
Principal
Consensual
Nominate
Bilateral
Commutative
Onerous
Preparatory
Two Parties to a Contract of Agency
Principal
Agent
Enumerate the 6 Modes of Extinguishment of Agency
Revocation by the principal
Withdrawal by the agent
Death, civil interdiction, insanity, or insolvency of either party
Dissolution of firm or corporation
Accomplishment of purpose
Expiration of period
