Legal Aspect of Sales, Mortgage, and Lease Flashcards
Characteristic of a contract of sale perfected by mere consent without any further act.
Consensual
In statute of fraud, sale of personal property at a price not less than .
500
A stipulation where parties agree that despite delivery, the ownership of the thing shall remain with the seller until the purchaser has fully paid the price
Pactum reservati dominii
It is hereby declared a public policy to protect buyers of real estate on installment Payments against onerous and oppressive conditions
Realty Installment Buyers Protection Act, section 2
Tacita reconduccion is also known as
Tacit renewal of a contract of lease
an action instituted by the vendee against the vendor to avoid a sale on account of some vice or defect in the thing sold
Accion redhibitoria
An action to procure the return of a part of the purchase price paid by the vendee to the vendor by reason of such defect
Accion quanti minoris
A consensual, bilateral, onerous and commutative contract by virtue of which one person binds himself to grant temporarily the use of a thing or to render some service to another who undertakes to pay some rent, compensation or price.
Lease
The provision in a mortgage contract that ends the mortgage when all payments are made, transferring title to the property back to the mortgagor or terminating the lender’s interest in the property
Defeasance Clause
Right of redemption on foreclosed property after being sold.
1 yr / 12 mos
A contract whereby a person borrowing money of another, hands over his property to the creditor.
Antichresis
Under maceda law, percent of payment every year after fifth year.
5%
The conveyance of real estate in payment of an obligation
Daccion en pago
A provision in the blanket mortgage that property whose loan value has been fully paid shall be released from the mortgage
Automatic redemption clause
Title passes to a sole heir upon execution of document.
Affidavit of adjudication
