Law On Sales I Flashcards
(79 cards)
A contract whereby one of the contracting parties (i.e., seller or vendor) obligates himself
to transfer the ownership of and to deliver a determinate thing, and the other one (i.e., buyer or vendee) to
pay therefor a price certain in money or its equivalent.
Contract of Sale
A contract of sales may be what?
Absolute or Conditional
What does one of the contracting parties (seller or vendor) obligates himself?
To transfer the ownership of a determinate thing
To deliver a determinate thing
What does one of the contracting parties (buyer or vendee) obligates himself?
To pay a price certain in amount or its equivalent
Characteristics of Contract of Sale
Consensual
Principal
Commutative
Bilateral
Onerous
Nominate
A characteristic where a contract is perfected by mere consent of the parties.
Consensual
A characteristic where a contract can exist by itself and does not depend upon the existence of another contract.
Principal
A characteristic where it means the values exchanged by the parties are almost equivalent to each other.
Commutative
A characteristic which means both parties are bound by reciprocal obligations that are dependent upon each other.
Bilateral
The seller is bound to what the thing?
deliver
The buyer is bound to what the price?
pay
A characteristic where both parties give valuable considerations to acquire rights.
Onerous
A characteristic where this form of contract has a name provided by the law.
Nominate
What are the three major elements of a contract of sale?
- Essential Elements
- Natural Elements
- Accidental Elements
The element where contracts without which, there can be no valid sale.
Essential Elements
The element which are deemed to exist in the contract, in the absence of contrary stipulations.
Natural Elements
Elements which may exist only if stipulated, such as the time and place of payment.
Accidental Elements
Parts of Essential Elements
- Consent
- Object
- Cause/Consideration
It refers to the consent on the part of the seller to transfer and deliver, and on the part of the buyer to pay.
Consent
It refers to the determinate thing which is the object of the contract.
Object
It refers to a price certain in money or its equivalent.
Cause/Consideration
Rules on Offer
- Offer must be certain. Must be definite, complete, and intentional.
- Becomes ineffective upon the death, civil interdiction, insanity or insolvency of either party before acceptance is conveyed.
- When the offeror has allowed the offeree a certain period to accept, the offer may be withdrawn at any time before acceptance by communicating such withdrawal, except when the option is founded upon a consideration as something paid or promised.
- Business advertisements of things for sale are not definite offers, but mere invitations to make an offer unless it appears otherwise.
- Advertisement for bidders are merely invitations to make proposals, and the advertiser is not bound to accept the highest or lowest bidders unless the contrary appears.
Rules on Acceptance
- Must be absolute (if qualified: constitutes a counter-offer and has the effect of rejecting the offer)(if the offer fixes time, place, and manner of acceptance: must be complied or else there’s no meeting of minds)
- May be express or implied
- If made by letter or telegram does not bind the offeror unless the time of his knowledge of acceptance
- If through an agent, the acceptance is from the time it is communicated with the offeror
A special form of payment where the debtor is bound to transfer the ownership of a property to his creditor to pay a debt in money.
Dacion en Pago
Dation in Payment
