Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

RFLIB > Law On Sales I > Flashcards

Law On Sales I Flashcards

1
Q

A contract whereby one of the contracting parties (i.e., seller or vendor) obligates himself
to transfer the ownership of and to deliver a determinate thing, and the other one (i.e., buyer or vendee) to
pay therefor a price certain in money or its equivalent.

A

Contract of Sale

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

A contract of sales may be what?

A

Absolute or Conditional

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

What does one of the contracting parties (seller or vendor) obligates himself?

A

To transfer the ownership of a determinate thing
To deliver a determinate thing

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

What does one of the contracting parties (buyer or vendee) obligates himself?

A

To pay a price certain in amount or its equivalent

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Characteristics of Contract of Sale

A

Consensual
Principal
Commutative
Bilateral
Onerous
Nominate

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

A characteristic where a contract is perfected by mere consent of the parties.

A

Consensual

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

A characteristic where a contract can exist by itself and does not depend upon the existence of another contract.

A

Principal

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

A characteristic where it means the values exchanged by the parties are almost equivalent to each other.

A

Commutative

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

A characteristic which means both parties are bound by reciprocal obligations that are dependent upon each other.

A

Bilateral

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

The seller is bound to what the thing?

A

deliver

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

The buyer is bound to what the price?

A

pay

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

A characteristic where both parties give valuable considerations to acquire rights.

A

Onerous

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

A characteristic where this form of contract has a name provided by the law.

A

Nominate

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

What are the three major elements of a contract of sale?

A
  1. Essential Elements
  2. Natural Elements
  3. Accidental Elements
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

The element where contracts without which, there can be no valid sale.

A

Essential Elements

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

The element which are deemed to exist in the contract, in the absence of contrary stipulations.

A

Natural Elements

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Elements which may exist only if stipulated, such as the time and place of payment.

A

Accidental Elements

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Parts of Essential Elements

A
  1. Consent
  2. Object
  3. Cause/Consideration
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

It refers to the consent on the part of the seller to transfer and deliver, and on the part of the buyer to pay.

A

Consent

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

It refers to the determinate thing which is the object of the contract.

A

Object

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

It refers to a price certain in money or its equivalent.

A

Cause/Consideration

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

Rules on Offer

A
  1. Offer must be certain. Must be definite, complete, and intentional.
  2. Becomes ineffective upon the death, civil interdiction, insanity or insolvency of either party before acceptance is conveyed.
  3. When the offeror has allowed the offeree a certain period to accept, the offer may be withdrawn at any time before acceptance by communicating such withdrawal, except when the option is founded upon a consideration as something paid or promised.
  4. Business advertisements of things for sale are not definite offers, but mere invitations to make an offer unless it appears otherwise.
  5. Advertisement for bidders are merely invitations to make proposals, and the advertiser is not bound to accept the highest or lowest bidders unless the contrary appears.
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

Rules on Acceptance

A
  1. Must be absolute (if qualified: constitutes a counter-offer and has the effect of rejecting the offer)(if the offer fixes time, place, and manner of acceptance: must be complied or else there’s no meeting of minds)
  2. May be express or implied
  3. If made by letter or telegram does not bind the offeror unless the time of his knowledge of acceptance
  4. If through an agent, the acceptance is from the time it is communicated with the offeror
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

A special form of payment where the debtor is bound to transfer the ownership of a property to his creditor to pay a debt in money.

A

Dacion en Pago
Dation in Payment

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

Difference of Sale and Dacion en Pago in Credit

A

Sale: No pre-existing credit.
Dacion en Pago: Pre-existing credit.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
26
Q

Difference of Sale and Dacion en Pago in Obligation

A

Sale: Creates obligation
Dacion en Pago: Extinguishes obligation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
27
Q

Difference of Sale and Dacion en Pago in Consideration

A

Sale: Price (Seller’s View) and Delivery of the thing sold (Buyer’s View)
Dacion en Pago: Extinguishment of obligation (Debtor’s View) and Delivery of the thing offered in place of credit (Creditor’s View)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
28
Q

Difference of Sale and Dacion en Pago in Freedom in Fixing the Price

A

Sale: Greater freedom in fixing the price
Dacion en Pago: Lesser freedom in fixing the price

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
29
Q

It is the abandonment or assignment by the debtor of all his property to his creditors so that the latter may sell them and recover their claim out of the proceeds.

A

Payment by Cession

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
30
Q

Difference of Sale and Cession in Credit

A

Sale: No pre-existing credit.
Cession: Pre-existing credit.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
31
Q

Difference of Sale and Cession in Freedom in Fixing the Price

A

Sale: Greater freedom in fixing the price
Cession: Lesser freedom in fixing the price

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
32
Q

Difference of Sale and Cession in Obligation

A

Sale: Creates obligation
Cession: Extinguishes obligation

33
Q

Difference of Sale and Cession in Consideration

A

Sale: Price (Seller’s View) and Delivery of the thing sold (Buyer’s View)
Cession: Extinguishment of obligation (Debtor’s View) and Assignment of all properties to be sold (Creditor’s View)

34
Q

Difference of Sale and Cession in Transfer of Ownership

A

Sale: There’s a transfer of ownership
Cession: No transfer of ownership to creditors

35
Q

Difference of Dacion en Pago and Cession in No. of Creditors

A

Dacion en Pago: One is sufficient
Cession: Must be two or more

36
Q

Difference of Dacion en Pago and Cession in Properties Conveyed

A

Dacion en Pago: Not all properties of Debtor are conveyed
Cession: All properties of Debtor are conveyed

37
Q

Difference of Dacion en Pago and Cession in whether Debtor is solvent or insolvent

A

Dacion en Pago: Debtor may be solvent or insolvent
Cession: Only if Debtor is insolvent

38
Q

Difference of Dacion en Pago and Cession in whether the Creditor becomes the owner of the thing conveyed

A

Dacion en Pago: Creditor becomes the owner
Cession:Creditors don’t become the owner

39
Q

It is the contract for delivery at a certain price of an article that the vendor, in the ordinary course of business, manufactures or procures for the general market.

A

Contract of Sale

40
Q

It is the contract for delivery of goods to be manufactured specially for the customer and upon his special order.

A

Contract for a Piece of Work

41
Q

Sale or Contract to Sell

Title to the property passess to the vendee upon delivery of the thing sold.

A

Sale

42
Q

Sale or Contract to Sell

Non-payment of the price is a negative resolutory condition

A

Sale

43
Q

Sale or Contract to Sell

Risk of Loss is on the Seller

A

Sale

44
Q

Sale or Contract to Sell

Ownership is reserved to the vendor until the full payment of the purchase price

A

Contract to Sell

45
Q

Sale or Contract to Sell

Full payment of the purchase price is a positive suspensive condition.

A

Contract to Sell

46
Q

Sale or Contract to Sell

Risk of Loss is on the Buyer

A

Contract to Sell

47
Q

Sale or Contract to Sell

Title to the goods passes to the buyer upon delivery of the thing sold.

A

Sale

48
Q

Sale or Contract to Sell

Buyer is required to pay the price.

A

Sale

49
Q

Sale or Contract to Sell

Recipient of the property may deal with the property as he pleases.

A

Sale

50
Q

Sale or Contract to Sell

Title to the goods is retained by owner despite delivery to the agent.

A

Agency to Sell

51
Q

Sale or Contract to Sell

Agent is required to turn over to the principal the price of goods which he received from the buyer

A

Agency to Sell

52
Q

Sale or Contract to Sell

Principal retains control over the property.

A

Agency to Sell

53
Q

A thing is given in exchange of a price certain in money or its equivalent

A

Sale

54
Q

Applicable Law is the Law on Sales

A

Sale

55
Q

Rule on Stature of Frauds, which applies to the sale of real property and personal property bought at P500 or more, apply

A

Sale

56
Q

A thing is given in exchange for another thing

A

Barter

57
Q

Applicable law is the Law on Barter or Exchange

A

Barter

58
Q

Rule on Stature of Frauds, which applies to the sale of real property and personal property bought at P500 or more, DO NOT apply

A

Barter

59
Q

ContInt

Rules to follow if the consideration is partly in money and partly in another thing.

A
  1. Contract shall be one of sale or barter depending on the intention of parties
  2. If the intention isn’t clear: (a. contract of barter - the value of thing given exceeds the monetary consideration)(b. contract of sale - if the monetary consideration is more than or equal to the value of the thing given)
60
Q

Other term for Earnest Money.

A

Arras

61
Q

It is something of value given by the buyer to the seller to show that the buyer is really in earnest and to bind the bargain.

A

Earnest Money

62
Q

It is the partial payment of the purchase price and is considered as proof of the perfection of the contract

A

Earnest Money

63
Q

It is considered as part of the purchase price, and the same is deducted from the contract price.

A

Earnest Money

64
Q

It serves as proof of perfection of the contract.

A

Earnest Money

65
Q

It is the consideration paid for holding one to his promise to buy or sell a determinate thing for a certain period, which consideration is separate and distinct from the purchase price.

A

Option Money

66
Q

MWAI

Characteristics of Earnest Money

A
  • Money is given as part of purchase price
  • When given, buyer is bound to pay the balance
  • Already a sale
  • In case of non-payment, an action or rescission can be filed by the injured
67
Q

MAI

Characteristics of Option Money

A
  • Money is given as a direct consideration for an option contract
  • Applies to a sale not yet perfected
  • In case of non-payment, there can be an action for specific performance
68
Q

WNDV

Rules on the Object of Sale

A
  1. Within commerce of men
  2. Not be contrary to LAMOGPUB
  3. Determinate
  4. Vendor must have the right to transfer ownership at the time of delivery
69
Q

It is particularly designated or physically segregated from all others of the same class.

A

Determinate Thing

70
Q

This contract grants a privilege to one person, for which he has paid a consideration, giving him the right to buy a certain property at any time within the agreed period at a fixed price.

A

Option Contract

71
Q

Emptio Rei Speratae

A

Sale of Thing with POTENTIAL EXISTENCE

72
Q

Emptio Spei

A

Sale of MERE HOPE OR EXPECTANCY

73
Q

Sale of Thing with POTENTIAL EXISTENCE

A

Emptio Rei Speratae

74
Q

Sale of MERE HOPE OR EXPECTANCY

A

Emptio Spei

75
Q

Those that are owned or possessed by the seller may be the object of sale.

A

Existing Goods

76
Q

Cover goods that are to be manufactured, raised, or acquired by the seller after the perfection of the contract of sale.

A

Future Goods

77
Q

Can future inheritance be sold?

A

No, it cannot.

78
Q

Must the seller be the owner of the thing sold at the time of perfection of the contract?

A

No, the seller need not be the owner at the perfection as it is sufficient that he is the owner at the time it is delivered.

79
Q
A

RFLIB (6 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions