STUDY UNIT 1.1

Question 1

What is a CONTRACT OF SALE?

Answer 1

a CONTRACT OF SALE is a specific, nominated, reciprocal agreement to sell and to buy, in terms of which, the seller has the true intention to deliver a determined or determinable object together with all her rights in the object undisturbed, to the buyer, and the buyer has the true intention of paying a determined or determinable price for the object.

Question 2

REQUIREMENTS FOR A VALID CONTRACT OF SALE

Answer 2

1. Consensus
2. Contractual capacity
3. Legality
4. Physical possibility
5. Formalities

Question 3

ESSENTIALIA:

Answer 3

1. the intention of the seller to sell and the buyer to buy
2. the object sold
3. the purchase price.

Question 4

RES LITIGIOSA (property subject to litigation)

Answer 4

this doctrine is to the effect where a second sale occurs pending litigation, the rights of the first buyer must prevail and are consequently enforceable against the second buyer, irrespective of whether the second buyer acted in good or bad faith.

Question 5

AIM OF STATUTORY REQUIREMENTS:

Answer 5

1. to prevent disputes regarding the contents of a contract
2. to prevent any uncertainties regarding the contents of a contract 3. to prevent malpractice.