Chapter 1 Flashcards
whereby one of the parties obligates himself to deliver something to the other, who on his part, binds himself to pay therefor a sum of money or its equivalent
Contract of Sale
Characteristic of a Contract of Sale
Consensual - there is a meeting of minds
Bilateral - fulfill obligations reciprocally
Onerous - the thing sold is conveyed in consideration of price and vice versa
Commutative - equivalent reciprocally
Nominate - given a special name “Sale”
Principal - does not depend for its existence and validity
Essential Requisites of a Contract of Sale
Consent or meeting of minds
Object or subject matter
Cause or Consideration
which are deemed to exist in certain contracts, in the absence of any contrary stipulations like warranty against eviction
Natural Elements
which may be present or absent depending on the stipulations of the parties such as condition, interest, and penalty
Accidental Elements
Two kinds of Contract
Absolute Contract - the sale is not subject to any condition; ownership passes to the buyer upon delivery of the thing
Conditional - sale contemplates a contingency contract there is a condition; ownership will be passed upon the fulfillment of the condition
Requisites concerning object
Thing - determinate, licit or lawful, and not be impossible
Rights - not intransmissible or personal
Kinds of illicit things
Illicit per se - its nature
Illicit per accidens - provision of law declaring it illegal
Right of the vendor to transfer ownership
> he must sell only what he owns
sufficient if right exist at the time of delivery
Subject matter must be determinate
> When things determinate
Sufficient if subject matter capable of being made determinate
Goods which may be the object of sale
Existing goods - goods that are owned or possessed by the seller/vendor
Future goods - goods that to be manufactured
Sale of undivided interest in a thing
By sale owner - owner can sell the thing as a whole or aliquot; make the buyer a co-owner of the thing
By co-owner - they can sell or dispose of their share without the consent of other co-owners; the effect of alienation shall be limited to the portion he owns.
What is fungible goods?
goods of which any unit is, from its nature or by mercantile usage, treated as the equivalent of any other unit
What is contract of agency
a person bind himself to render some service or to do something in representation or on behalf of another, with the consent or authority of the latter
What is contract for a piece of work?
the contractor bind himself to execute a piece of work for the employer, in consideration of a certain price or compensation; may either employ his labor or skill or furnish the material
