Sales

Question 1

A contract where one party obligates himself to transfer the ownership of and to deliver a determinate thing, while the other party obligtes himself to pay for said thing a price certain in money or it’s equivalent.

Answer 1

Sale

Question 2

Kinds of Sale:

The contract is not subject to any condition and title passes to the buyer upon delivery of thing

Answer 2

Absolute

Question 3

Kinds of sale:

The contract contemplates a contingency, usually payment of the price.

Answer 3

Conditional

Question 4

Requisites of Sale

Answer 4

1. Consent or meeting of minds
2. Object or Subject matter
3. Cause or consideration

Question 5

Natural Elements

Answer 5

Warranty against eviction
Warranty against hidden defects

Question 6

Essential Characteristics

Answer 6

1. Consensual
2. Bilateral/ Reciprocal
3. Onerous
4. Commutative
5. Principal
6. Nominate

Question 7

A stipulation stating that despite delivery, the ownership of the thing shall remain with the seller until the buyer has fully paid the price.

Answer 7

Pactum Reservati Dominii
(Contractual Reservation of Title)

Question 8

A contract by virtue of which one person transfers to another his rights and actions against a third person in consideration of a price certain in money or it’s equivalent.

Answer 8

Assignment of Credit

Question 9

One of the parties binds himself to give one thing in consideration of the other’s promise to give another thing.

Answer 9

Barter

Question 10

An unexpected unilateral promise to buy or to sell a thing.

Answer 10

Policitacion

Question 11

An accepted unilateral promise to buy or to sell which is not binding upon the promissory unless supported by a consideration separate and distinct from the purchase price.

Answer 11

Option Contract