CONTRACT OF SALES Flashcards
1
Q
Define contract of sales.
A
Is a reciprocal contract whereby the seller agrees to supply something to the purchaser in exchange for a specific quantity of money.
2
Q
Nature of contact of sales.
A
- Agreement of purchasing and selling.
- Merx (a certain thing)
- Price
3
Q
What are the steps of transfer of ownership?
A
- The seller of the item sold must be the owner.
- Delivery of the item must take place.
- The seller must have the intent to transfer ownership of the item sold once delivery takes place.
- The purchaser must have the intent to receive ownership of the item, once delivery is made.
- When the sale is for cash, the price must be paid.
4
Q
Types of delivery.
A
- Immovable property - registration in the Deeds Registry Office
- Movable property
*Actual delivery
*Symbolic delivery
* Constructive delivery.
* Delivery with the short hand
*Delivery with the long hand
* Constitum Possesorium
5
Q
What are the duties of the purchaser?
A
- Pay the agreed amount of money.
- To compensate the seller for any expenses incurred in the safekeeping and maintenance of the item sold until delivery takes place.
6
Q
What are the duties of the seller?
A
- Deliver the item sold
- Take care of the item until delivery is made
- Give the purchaser guarantee to a undisturbed possession
- To give the purchaser a warranty against latent defects
7
Q
What are the rights of the seller and the purchaser?
A
Where there is a breach, the seller and the purchaser can claim damages or performance or cancelation