LESSON 1 PART 4 Flashcards
This type of warranty is not explicitly stated by the
seller but is automatically applied by law to protect consumers. For example, if a car is sold as a functioning vehicle, there is an implied warranty that the car should runproperly. If the car does not meet this basic expectation, the buyer may have legal
recourse to address the issue with the seller. Implied warranties help ensure that consumers receive products that are fit for their intended purpose and meet reasonable quality standards
Warranty of Merchantability
it assures the buyer that the product will perform as expected for the specific use intended, even if it is not explicitly stated in the sales agreement. If the product fails to meet this specified purpose and the buyer suffers losses as a result, the buyer may have legal recourse against the seller for breaching this warranty.
Warranty of Fitness for a Particular Purpose
Legal Remedies
of warranty
Replacement
Refund
Repair
The consumer can demand a new unit that is free from the defects plaguing the initial purchase.
Replacement
The consumer may also opt for a complete refund of the purchase price.
Refund
If neither replacement nor a refund is possible or desired, the consumer can equest that the goods be repaired
Repair
How to Assert your Rights
WARRANTY
Documentation
Notice
Legal Advice
shall take place when the vendor reserves the right to repurchase the thing sold, with the obligation to comply with the provisions of article 1616 and other stipulations which may have been agreed upon.
Conventional redemption or sales with the right to repurchase (pacto de retro sale)
The parties in a pacto de retro sale are typically referred to as:
Vendor a retro
Vendee a retro
The seller who reserves the right to repurchase.
Vendor a retro
The buyer who temporarily acquires ownership but is obligated to allow repurchase if the vendor exercises their right.
Vendee a retro
is a sale with the right of repurchase (or even a contract of absolute sale)
Equitable Mortgage
In case of blank, the consolidation of ownership in the vendee by virtue of the failure of the vendor to pay the required amounts shall not be recorded in the Registry of Property without a judicial order, after the vendor has been duly heard.
real property
In case of blank, the consolidation of ownership is by operation of law
personal property
vendee eventually acquires the whole; may compel the vendor to redeem the whole property.
Sale or Undivided Immovable
is the right to be subrogated, upon the same terms
and conditions stipulated in the contract, in the place of one who acquires a thing by purchase or dation in payment, or by any other transaction whereby ownership is transmitted by onerous title.
Legal redemption (retracto legal)
Instances of Legal Redemption
a. Legal Redemption by Co-owners
b. Legal Redemption by adjoining owner of rural land
c. Legal Redemption by adjoining owner of urban land
the act or right of purchasing before others. It is exercised before the sale or resale against the would-be vendor
Pre-emption
is exercised after the sale has been perfected against the vendee. Therecognition of the right of redemption will result in the rescission of the sale.
Redemption
