Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

RFBT > Sales, In General > Flashcards

Sales, In General Flashcards

1
Q

There is also Sale of hpoe. Wherein no equivalence in the value of prestations. Since obligation of the other party is not certain to arise. Such as lotto
What is the term for this?

A

Aleatory. Emptio Spei

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

For the purposes of applying Statute of Frauds, the Sale of personal property priced at P_____ or more is required to be in writing

A

P500. For Sale of Personal Property only. If Contract of a piece of work, not required tp be in writing regardless of amt.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

What is Payment by Cession?

A

Governed by the Law on Obligations on Payment by Cession or the Financial Rehabilitation and Insolvency Act

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Sales, In General. Explain the Ownership rule.
Cotract to Sell vs. Conditional Sale

A

Conditional Sale - Ownership automatically transfer upon the fulfillment of the condition. I.e. payment of the full price

Contract to Sell - special kind of conditional sale where ownership dpes not automatically pass upon fulfillment. It will only give the right to demand the execution of a deed of sale or to compel the seller to sell

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

3 Elements of Contract of Sale

A
  1. Natural - deemed part of the contract kahit di napag usapan p aware. I.e. warranties
  2. Accidental - Stipulation by parties
  3. Essential - required for validity
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Sales
We have 3 Elements of Contract of Sale. One is Essential. So what are the Essential elements of a contract of sale? COC

A
  1. Consent
  2. Cause
  3. Objects - Things or Rights only. Not service

4.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Sales
Consent: 1. Absolute Incapacity
2. Relative Incapacity. Explain.

A
  1. Absolute Incapacity -
  2. Relative Incapacity - Husband and wife cannot sell property to each other (except sepration of property agreed before marriage, judical separation of property)

*Purchare of
-Guardian to ward
-Agent to Principal
-Executors/admins to Estate
-Public Officers to Property of the -State
-Justices & Judges to propert &rights under litigation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Future Inheritance can be valid object of a contract of sale?

A

No

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Emptio Rei Speratae?
Emptio Spei?

A
  1. Sale of future things such as wine, milk, butter
  2. Sale of hope itself. Lotto ticket
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Sales
Arras

A

Earnest Money - Forms part of the purchase price and is proof of perfection of a contract of sale

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

What is Recto Law and Alternative Remedies of the Seller

A

Applies to a contract of sale or Personal Property the price of which is payable in INSTALLMENT

*NOT APPLICABLE TO SALES ON CREDIT

Alternative Remedies of the Seller:
1. Exact Fulfillment - only one Unpaid installment

  1. Cancel the Sale - two or more Unpaid Installments. The Seller is allowed to retain a reaonable amount of the purchase price already paid. ALL
  2. Foreclose the Chattel Mortgage - Also, two or more Unpaid installments.
    IMPT Here!!:
    1.Seller cannot recover deficiency pag forclosed yung mismong binenta. Kahit may STIPULATION
  3. Unless iba yung mortgage.

IMPT! Alternative tong Remedies. Meaning, pili lang ng isa. Any agreement to the contrary shall be void!

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

What is Unconscionable?

A

Unreasonable

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

What is Maceda Law?
What are the rights of the buyer?
3 Void Stipulations?
Recission Requirements?

A

Aka Realty Installment Buyer Act. applies to contract of sale of residential realty on installments wherein the buyer is given protection in case of failure to pay intallments.

Like Recto Law, intallment only not on credit.

*Rights of the Buyer:
1. If Paid less than 2 years:
a. Grace Period - pay the unpaid w/out interest within 60 days. Note that this right can only exercise every 5 years
b. Buyer may sell or assign his interest
c. Pay the entire balance

  1. Additinal rights after two years of payment:
    a. Plus 30 days(1month) Grace periodfor every years of installment payments
    b. If the seller exercise hisnright to Rescind the contract, he is required to give CASH SURRENDER VALUE to the buyer:
    b.i Mininum of 50% of all payments (including DP)
    b.ii Additional 5% per year after five years of installment (ex. 55% on 6th year of payment) max. 90%.

*Void Stipulations:
1. Stipulation na may interest or damages or penalty during grace period
2. Forfieture Clause- clause of the requirement to pay the CSValue.
3. Automatic Cancellation. Kasi may requirements pa prior to rescind

*Recission Requirements:
1. Notice to buyer as intention to rescind
2. Payment of CSValue!

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Double Sale Golden Rule
Who has better right among buyers for: 1. Movable Property 2. Immovable

A

Provided that the buyers are both in good faith (no knowledge pf prior selling), If who has better right:

Movable Property: first possesor

Immovable Property:
1. First to register in good faith,if none,
2. First possesor
3. One with oldest title

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

What is Encumbrances

A

Claim against an asset by entity that is not owner

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Sales
Implied period of Warranty?

A

Not less than 60 days nor more than 1 year

17
Q

What is Redhibitory Defects?

A

Hidden defect on animals

18
Q

The sale of animals suffering from clntagious diseases shall be

A

Void!

Also. The use or service for which they are acquired has been stated in the contract, and they are found to be unfit therefor

19
Q

Sales T or F

As a general rule, inadequacy of price does not affect contract of sales’ validity

When there is no price agreed upon, the sale is voidable

A

True

F

20
Q

Sales
Sale or Return Contract, who is the owner upon delivery to the buyer?

A

Buyer

21
Q

Sales
It is the mode by which the ownership is transferred.

A

Delivery

22
Q

Sales
4 Types of Constructive Delivery

A
  1. Traditio Longa Manu - delivery with long hand. Common delivery
  2. Constitutum Possesorium - seller continues possession of item. Ex. Bought an item and leave to the seller
  3. Brevi Manu - implied delivery. You bought house you are renting
  4. Symbolic Delivery - delivering keys of the place or depository where the movable is stored or placed
  5. Execution of the Required Formality - thru execution of public instrument
23
Q

Sales
Delivery receipt by common carrier as a general rule, who is the owner?

A

Buyer

24
Q

Sales
Constructive Delivery
I this mode of delivery, seller continues to be in possesion of the property sold not as owner but in some other capacity, like as tenant or lessee.

A

Constitutum Possessorium

25
Q

SalesT or F
A breach of warranty affects the validity of the contract of sale

A warranty must be stipulated in order tp bind the parties

A

F

F. Implied obligation na ng vendor yan

26
Q

Sales
Dealer’s talk is consired warranty?

A

Yes. If made by an expert and relied upon by the buyer

27
Q

Sales
Hidden Deffect. What if bought by expert buyer?

A

Seller is not liable for breach of warranty against hidden defect

28
Q

Sales
It is the warranty that goods are reasonably fit for the general purpose for which the same are sold

A

Warranty of Merchantability

29
Q

Sales
Sale of animals. Seller will be liable to Buyer if the animals dies within ____ of a disease that existed at the time of sale

A

3 days

30
Q

Resedential Dwellings
Commercial buildings
Resedential Lots
Agricultural Land

Which of the ff is outside coverage of Maceda Law?

A

Commercial Buildings. Cause ML is for Residential Realty on Installment only

31
Q

Sale or Return
Vs.
Sale on Approval or on Trial

A

Sale or Return
The Ownership PASSES TO THE BUYER UPON DELIVERY. But he may revest the ownership in the seller by returning or tendering the goods within the time fixed in the contract

Sale on Approval or on Trial
There is also deliver bu NO transfer of ownership yet. Seller is still the
Owner.
The ownership passes to the buyer when:
1. Buyer signifies approval or acceptance or does any other act adopting transaction
2. Pays taxes, unless agreed upon
3. To warrant the thing
4. Transfer ownership

RFBT (37 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions