CONTRACT OF SALES Flashcards

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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.

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2
Q

Nature of contact of sales.

A
  1. Agreement of purchasing and selling.
  2. Merx (a certain thing)
  3. Price
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3
Q

What are the steps of transfer of ownership?

A
  1. The seller of the item sold must be the owner.
  2. Delivery of the item must take place.
  3. The seller must have the intent to transfer ownership of the item sold once delivery takes place.
  4. The purchaser must have the intent to receive ownership of the item, once delivery is made.
  5. When the sale is for cash, the price must be paid.
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4
Q

Types of delivery.

A
  1. Immovable property - registration in the Deeds Registry Office
  2. Movable property
    *Actual delivery
    *Symbolic delivery
    * Constructive delivery.
    * Delivery with the short hand
    *Delivery with the long hand
    * Constitum Possesorium
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5
Q

What are the duties of the purchaser?

A
  1. Pay the agreed amount of money.
  2. To compensate the seller for any expenses incurred in the safekeeping and maintenance of the item sold until delivery takes place.
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6
Q

What are the duties of the seller?

A
  1. Deliver the item sold
  2. Take care of the item until delivery is made
  3. Give the purchaser guarantee to a undisturbed possession
  4. To give the purchaser a warranty against latent defects
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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

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