midterm definition of terms Flashcards
(45 cards)
contract of sale
one of the contracting parties obligates himself to transfer the ownership of and to deliver a determinate thing and the other to pay therefore a price certain in money or it’s equivalent. a contract of sale may be absolute or conditional
existing goods
good owned or possessed by the seller
future goods
goods to be manufactured, raised, or acquired
contact of agency
a person binds himself to render some service or to do something in representation or on behalf of another with the consent or authority of the latter
contract for a piece of work
the contractor binds himself to execute a piece of work for the employer in consideration of a certain price or condition the contractor may either employ his labor or skills or also furnish the material
contract of barter or exchange
one of the parties binds himself to give one thing in consideration of other’s promise to give another thing
option
is a privilege existing in one person for which he has paid a consideration which gives him the right to buy/sell
earnest money
money given by the buyer to the seller to bind the bargain it is actually a partial payment of the purchase price and is considered as a proof of perfection of the contract
fungible goods
goods of which any units, from its nature or mercantile usage treated as the equivalent of any other unit
resolutory condition
uncertain event upon the happening of which the obligation subject to it is extinguished
when thing determinate
a thing is determinate or specific when it is particularly designated or physically segregated from all others of the same class
necessaries
those things which are needed for sustenance dwelling clothing and medical attention in keeping with the financial capacity of the family of the incapacitated person
compromise
a contract whereby the parties by reciprocal concession avoid litigation or put an end to one already commenced
renunciation
the creditor gratuitously abandons his rights against the debtor it is also known as condonation or remission
tradition
is a derivative mode of acquiring ownership by virtue of which one who has the right and intention to alienate a corporeal thing transmits it by virtue of a just title to one who accepts the same
symbolic tradition
to effect the delivery the parties make use of a token symbol to represent the thing delivered
bill of lading
contract or receipt for the transport of goods and their delivery to the person name therein to order or to bearer
dock warrant
is an instrument given by a dock owner to an importer of goods warehoused on the dock recognizing the importer’s title to the said goods
warehouse receipt
is a contract or receipt for goods deposited with a warehouseman containing the latter’s undertaking to hold and deliver the said goods to a specified person to order or to bearer
sale or return
is a contract by which the property is sold but the buyer who becomes the owner of the property in delivery has the option to return the same to the seller instead of paying the price
absolute contract
the sale is not subject to any condition whatsoever and where the title or ownership passes to the buyer upon the delivery of the thing sold
conditional contract
the sale contemplates a contingency and in general the contract is subject to certain conditions usually the full payment of the purchase price the delivery of the thing sold does not transfer ownership until the condition is fulfilled
policitation
a unilateral promise or offer to sell or to buy a thing which is not accepted creates no juridical effect or legal bond, an unaccepted offer
unpaid seller
one who has not been paid, or tendered the whole price or who has received a bill of exchange or other negotiable instrument as conditional payment and the condition on which it was received has been broken by reason of the dishonor of the instrument
