Sales Flashcards
Under Maceda Law, if the buyer paid less than 2 years installment, the second grace period is _____ days from notice of cancellation/demand for rescission
30
Under the Maceda Law, if the seller cancels the sale and the buyer paid at least 2 years installment, buyer is entitled to _____ of what he has paid if after 5 years of installments, ______ for every year but not to exceed _____ of total payments made.
50%; 5%; 90%
The party cannot give consent to any and all contract, which may result in the contract being voidable or void
Absolute Incapacity
A consideration that forms part of the purchase price and is a proof of perfection of a contract of sale
Earnest Money
Contracts of sale that must be in writing (3)
- Those NOT to be performed within 1 year
- Sale of personal property the price not less than (or at least ) P500
- Sale of real Property
This Law applies to contract of sale of personal property, the price of which is payable in installments
Recto Law
This Law applies to a contract of sale of residential realty on installments, where the buyer is given protection in case of failure to pay installments
Maceda Law
It refers to an agreement that dominion is reserved in favor of the seller until the full payment of purchase price
Pactum Reservati Dominii
It refers to a delivery where the seller points out to buyer the things which are transferred
Traditio longa manu
It refers to a delivery where the seller continues in possession but under a different title other than ownership
Traditio Constitutum Possessorium
It refers to a delivery of rights, credits or incorporeal property, made by placing titles of ownership in the hands of the buyer and allowing buyer to make use of rights
Quasi-tradition
Who is preferred in case of double of personal property?
Possessor in good faith
4 Remedies of an unpaid seller
- Possessory lien
- Stoppage in transitu
- Resale
- Rescission
It refers to 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
It is a mode by which ownership is transferred
Delivery
It refers to a delivery where the buyer is in possession of the thing and remains in possession after sale
Traditio Brevi Manu
Hierarchy of Place of Delivery in sales
- Stipulation
- Usage of trade
- Seller’s Place of business
- Seller’s residence
- Specific goods; known to the parties
Order of Preference in case of double sale of real property
- Registrant in good faith
- Possessor in good faith
- Person with the oldest title in good faith
A waiver of warranty against eviction when the buyer has no knowledge of a particular risk
Consciente
A waiver of warranty against eviction when the buyer has knowledge of risk of eviction and assumed its consequences
Intencionada
it is hidden defect on animals that should be of such nature that expert knowledge is not sufficient to discover it
Redhibitory Defect
In redhibitory actions based on the faults or defects of animals, the period is ______ days
40
The sale with a right of repurchase
Pacto De Retro Sale
Maximum period to exercise right of repurchase
10 years
What is the period to exercise right of repurchase, if there is no agreement?
4 years from the date of contract
