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Midterms Flashcards

1
Q

Contract of Sale

A

An agreement whereby one party obligates himself to deliver something to the other party for a price certain/its equivalent

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2
Q

Contract to Sell

A

Prospective seller binds himself to sell the property exclusively to the prospective buyer upon fulfillment of agreed upon conditions

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3
Q

Contact of Sale vs. Contract to Sell (4)

A

Transfer of Title
Ownership of Vendor
Types of Conditions
Remedies

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4
Q

Contract to Sell v. Conditional Sale (3)

A

Transfer of Title
Sale of subject to 3rd person
Applicable Laws

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5
Q

Characteristics of a Contract of Sale (6)

A 
Consensual
Bilateral
Onerous
Commutative
Nominate
Principal
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6
Q

Modes of acquiring ownership (2)

A

Occupation

Intellectual creation

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7
Q

Modes of transferring ownership (6)

A 
Law
Donation
Estate
Intestate succession
Tradition
Means of prescription
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8
Q

Mode v. Title

A

Legal means by which ownership is created v. Legal basis that affects dominion/ownership

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9
Q

Stages of a contract (3)

A

Negotiation
Perfection
Consummation

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10
Q

Kinds of Contracts of Sale (2)

A

Absolute

Conditional

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11
Q

Examples of partial performance to take out from statute of frauds (6)

A 
Possession
Making of improvements
Rendition of services
Payment of taxes
Relinquishing of rights

(Also tender of payment + something more)

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12
Q

Sale vs. Donation

A

One party obligates himself to transfer ownership and deliver something to the other party for a price certain/its equivalent vs. Act of liberality whereby a person disposes gratuitously of a thing or right in favor of another who accepts it.

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13
Q

Sale vs. Barter & Exchange

A

One party obligates himself to transfer ownership and deliver something to the other party for a price certain/its equivalent vs. One of the parties binds himself to give one thing in consideration of the other’s promise to give another thing

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14
Q

When is it barter?

A

If the value of the thing given exceeds the amount of the money or its equivalent

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15
Q

When is it sale and not barter?

A

Value of the thing given does not exceed the amount of the money or its equivalent

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16
Q

Sale vs. Contract for a piece of work

A

One party obligates himself to transfer ownership and deliver something to the other party for a price certain/its equivalent vs. Person binds himself to execute a piece of work for the employer, in consideration of a certain price/compensation.

Position
Goods
Changes to the object certain

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17
Q

Test for contract for a piece of work

A

Whether the thing transferred is one not in existence and which never would have existed but for the order of the party desiring to acquire it, or a thing which would have existed and been the subject of sale to some other person, even if the order has not been given

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18
Q

Option agreement

A

An accepted unilateral promise to buy or to sell a determinate thing for a price certain

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19
Q

Nature of option agreement (3)

A

Onerous
Consensual
Unilateral

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20
Q

Sale vs. Option Agreement

A

Subject matter

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21
Q

Essential requisites to a sale (3)

A

Consent
Object certain
Cause

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22
Q

Exceptions for sales that don’t need consent (4)

A

Expropriation
Ordinary execution sale
Judicial foreclosure
Extrajudicial foreclosure

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23
Q

Requisites of object certain (4)

A

Determinate/capable of being made determinate
Licit
Within commerce of man
Not impossible

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24
Q

Requisites of price (4)

A

Certain
Real
Pecuniary
Licit

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25
Natural elements
Those deemed to exist in certain contracts (ex. warranty or hidden defects)
26
Accidental elements
Those that may be present/absent depending on party stipulations (penalty, interest, etc.)
27
Sale vs. Agency to buy and sell (5)
``` Receiving Payment Returns Warranty Treatment ```
28
Sale vs. Dacion en Pago (3)
Existence of obligation Existence of extinguishment Existence of creation
29
Sale vs. Lease (3)
- Rights - Nature - Necessity of owner
30
Sale vs. Chattel mortgage
Contract where one of the parties obligates himself to transfer the ownership if and to deliver a determinate thing, and the other to pay therefor a price certain in money or its equivalent vs. Personal property recorded in the Chattel Mortgage Register as a security for the performance of an obligation
31
Types of incapacity (2)
Absolute | Relative
32
Grounds for voidable contracts (2)
- Incapable of giving consent | - Consent is vitiated by mistake, violence, intimidation, undue influence or fraud
33
Grounds for unenforceable contracts (3)
- Entered into in the name of another not given authority - Non-compliance w/ Statute of frauds - Both parties are incapable of giving consent
34
Absolute incapacitated persons (3)
- Minors - Insane/demented - Deaf-mutes who can't write
35
Statute of Frauds (6)
- Can't be performed within a year from making - Promise to answer for a debt - In consideration of marriage - Sale of goods at least P500 - Leasing for more than a year - Representation for the credit of a third person
36
Void contracts (7)
- Cause, object, Orr purpose is contrary to law - Absolutely simulated/fictitious - Cause/object didn't exist at time of transaction - Object is outside the commerce of men - Is an impossible service - Intention of parties can't be ascertained - Prohibited by law
37
Persons disqualified to buy
``` Guardians Agents Executors/administrators Public officers and employees Judges, lawyers,. Aliens ```
38
Executor vs. Administrator
Named in the will vs. Court appointed
39
Officer vs. employee
Duties involve discretion vs. person in service to the government
40
Offer
Proposal made by one party to another to enter into a contract
41
Acceptance
Manifestation by the offeree of his assent to the terms of the offer.
42
Right of first refusal
Identity of terms and conditions to be offered to the lessee and all other prospective buyers and a contract of sale entered into in violation of such right of another person, while valid, is rescissible
43
Option contract. Right of first refusal
The option granted to offeree is for a fixed period at a determined price vs. Without the 2 essential reqs for an option contract, RFR is involved
44
Test for object certain
Capacity to segregate | No further agreement
45
When is something licit?
Within the commerce of man | All rights are transmissible
46
Kinds of licit
Illicit per se (nature) | Illicit per accidens (law)
47
Possible things vs. impossible things
Has the capacity to come into existence vs. Not.
48
Things that may be sold
Existing goods Future goods Things having a potential existence
49
Emptio Rei Speratae vs. Emptio Spei (Concept)
Sale of thing expected (suspensive condition) vs. Sale of mere hope/expectancy
50
Emptio Rei Speratae vs. Emptio Spei (Distinctions) (4)
Certainty Effect if it doesn't happen Object of sale Deals with what thing
51
Fungible goods
Goods of which any unit is, from its nature or by mercantile | usage, treated as the equivalent of any other unit
52
Effect of undetermined price
ineffective or inefficacious contract
53
Effect of uncertain price
Void contract
54
When is price certain? (3)
Parties have fixed a definite amount OR Certain with ref. to another thing certain Determination is left to the judgement of a specified person
55
Effect of failure to determine price
If executory, contract has no effect since price is an element If delivery has been made, must pay reasonable price
56
Exceptions to the rule on Inadequacy of Price
- Low price indicates defect in consent -- can be annulled | - price is "shocking to the conscience"
57
Elements fraud
1) Fraudulent misrepresentation/wrongful concealment 2) Party intended that someone should act on the misrepresented facts 3) Other party is unaware of the true facts 4) Other party acted in accordance with the misrepresentations
58
Contract on Sale or Return
Ownership goes to the buyer but upon return, ownership is revested in the seller
59
Sale on approval
Ownership passed to the buyer only when she signifies her approval or acceptance to the seller and the price is agreed upon.
60
Kinds of delivery
1) Real/actual 2) Constructive 2a. Symbolic 2b. Traditio Longa Manu 2c. Traditio Brevi Manu 2d. Traditio Constitutum Possessorium 2e. Delivery to Common Carrier
61
Traditio Longa Manu
Delivery of a thing merely by agreement, such as when the seller points the property subject matter of the sale by way of delivery without need of actually delivering physical possession thereof.
62
Traditio Brevi Manu
Before the sale, the would-be buyer was already in possession of the would – be subject matter of the sale, say as a lessee, and pursuant to sale, he would now hold possession in the concept of an owner
63
Traditio Constitutum Possessorium
When the vendor continues to possess property sold not as an owner, but in some other capacity
64
Warranty
A statement or representation made by the seller of goods, contemporaneously and as part of the contract of sale, having reference to the character, quality or title of the goods, and by which he promises or undertakes to insure that certain facts are or shall be as he then represents them.
65
Prescription for breach of warranty of eviction
6 months from delivery
66
Requisites for breach of warranty against eviction
1) Vendee deprived of the whole or part of the thing sold; 2) This eviction is by a final judgment; 3) The basis thereof is by virtue of a right prior to the sale made by the vendor; and 4) The vendor has been summoned and made co defendant in the suit for eviction at the instance of the vendee.
67
Prescription for breach of implied warranty
6 months from delivery
68
Prescription for breach of express warranty
- That stated in the contract or | - 4 years
69
Requisites to prove an express warranty
1. Must be an affirmation of fact or any promise by the seller relating to the subject matter of the sale; 2. The natural effect of the affirmation or promise is to induce the buyer to purchase the thing; and 3, The buyer purchases the thing relying on that affirmation or promise.
70
Remedies for breach of warranty (by a seller)
1) Accept but ask for recoupment 2) Accept but ask for damages 3) Refuse and ask for damages 4) Rescind
71
Types of implied warranty
1) Warranty that the seller has the right to sell | 2) Warranty that it is free from hidden faults or defects
72
Prescription for non-apparent burden on an immovable
- 1 year for rescission or damages | - 1 other year but only for damages
73
For total eviction, buyer may demand
1) Return of the value at time of eviction 2) Income or fruits 3) Costs of suit 4) Expenses of contract 5) Damages and interest
74
For partial eviction, buyer may
- Demand rescission
75
Requisites to recover for breach of an implied warranty against hidden defect
(1) the defect is serious (2) the defect is hidden (3) the defect exists at the time of sale, and (4) the buyer gives notice of the defect to the seller within a reasonable time.
76
To make liable on the basis of breach of implied warranty
1) they sustained injury because of the product; 2) the injury occurred because the product was defective or unreasonably unsafe; 3) the defect existed when the product left the hands of the vendor.
77
Accion quanti minoris
Demand a proportionate reduction of the price
78
Primus tempore, potior jure
First in time, stronger in right
79
Rule on double sale (movable)
First in possession
80
Rule on double sale (immovable)
1) First to record 2) First to possess 3) Oldest title
81
Requisites of double sale
(a) Pertain to the same subject matter; both valid (b) Represent conflicting interests (c) Same seller
82
Elements of equitable mortgage
(a) The parties entered into a contract denominated as a contract of sale; and (b) The intention was to secure an existing debt by way of mortgage.
83
Requisites for legal redemption
1) presence of several heirs to the common thing, 2) one of them sells his hereditary right, 3) the sale is made to a stranger before partition, 4) one or more of the co-heirs exercise this right within the period of 1 month from the time they are notified by the vendor, & 5) buyer is reimbursed for the price.
84
Prescription for legal redemption
30 days
85
Prescription for conventional redemption
- Stipulation - Not more than 10 years - 4 years
86
Prescription for homestead redemption
5 years
87
Prescription for EJ foreclosures
1 year
88
Prescription for agricultural lessees
2 years
89
Prescription for contracts for a piece of work
10 years
90
Prescription for a sale
6 years

Sales (1 decks)

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