Brainscape's Knowledge GenomeTM

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


See full index

RFBT > Sales, Pledge & Mortgage > Flashcards

Sales, Pledge & Mortgage Flashcards

1
Q

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

A

Sale

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

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

A

Absolute Sale

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

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

A

Conditional Sale

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

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

A

Contractual Reservation of Title

pactum reservati dominii

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

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

A

Assignment of Credit

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

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

A

Barter

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

An unaccepted unilateral promise to buy or sell a thing.

A

Policitacion

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

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.

A

Option Contract

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

Partial payment of the purchase price

A

Earnest money

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Persons who have no intention to buy but are employed by the seller in auction sale to raise the price by fictitious bids.

A

By-bidding or puffing

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

The option to return to the seller the property sold to the buyer instead of paying the price.

A

Sale or return

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

There is delivery to the buyer but he has an option to purchase if the goods prove satisfactory therefore ownership shall be reserved to the seller until acceptance by the buyer.

A

Sale on Trial, Satisfaction or Approval

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

If the thing is particularly made/manufactured for a specific person only

A

Contract for a Piece of Work

Massachusetts Rule

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q
  1. One who has not been paid or tendered the whole price
  2. One who has received a bill of exchange or other negotiable instrument as conditional payment and the condition on which it was received has been broken by reason of dishonor of the instrument
A

Unpaid Seller of Goods

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

Goods are in transit from the time they are delivered to the carrier for the purpose of delivery to the buyer or his agent

A

Stoppage in transitu

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

The seller must observe the grace period granted to the buyer to pay, without additional interest, the unpaid installment.

A

Right of specific performance

17
Q

Cancellation can only take place after 30 days from receipt of the notice of cancellation or demand for rescission by a notarial act.

A

Right of rescission

18
Q

Seller can retain not more than 50% of the installments paid. But if the installments paid were less than 2 years, the seller can have absolute forfeiture over the installments paid.

A

Right on installments

19
Q

A statement or representation mde by the seller of goods, contemporaneously and as a 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.

A

Warranty

20
Q

Waiver without knowledge of the risk of eviction

A

Consciente

Waiver of eviction

21
Q

Waiver with knowledge of the risks of eviction coupled with an assumption of its consequences.

A

Intencionada

Waiver of eviction

22
Q

The avoidance of sale on account of some vice or defect in the thing sold.

A

Redhibition

23
Q

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 donation in payment, or by any other transaction whereby ownership is transferred by onerous title.

A

Legal Redemption

24
Q

By the contract of loan, one of the parties delivers to another, either something not consumable so that the latter may use the same for a certain time and return it.

A

Commodatum

25
Q

Money or other consumable thing, upon the condition that the same amount of the same kind and quality hall be paid,

A

Mutuum

26
Q

A person, called the guarantor, bonds himself to the creditor to fulfill the obligation of the principal debtor in case the latter should fail to do so.

A

Guaranty

27
Q

A person binds himself solidarily with the principal debtor.

A

Suretyship

28
Q

A person receives a thing belonging to another, with the obligation of safely keeping it and of returning the same.

A

Deposit

29
Q

The creditor acquires the right to receive the fruits of an immovable of his debtor, with the obligation to apply them to the payment of the interest, if owing, and thereafter to the principal of his credit.

A

Antichresis

30
Q

A contract by virtue of which the debtor or a third person delivers to the creditor or to a third person a movable or document evidencing incorporeal rights for the purpose of securing the fufillment of a principal obligation with the understanding that when the obligation is fulfilled the thing delivered shall be returned with all the fruits and accessions.

A

Pledge

31
Q

A stipulation whereby the thing pledged or mortgaged or under antichresis shall automatically become the property of the creditor in the event of non-payment of the debt within the term fixed.

A

Pactum Commssorium

32
Q

A contract whereby the debtor secures to the creditor the fulfillment of a principal obligation,especially subjecting to such security immovable property or real rights over immovable property in case the principal obligation is not complied with at the time stipulated.

A

Mortgage

33
Q

Remedy available to the mortgagee by which he subjects the mortgaged property to the satisfaction of the obligation to secure which the mortgage was given through the sale of the property at public auction and the application of the proceeds thereof to the payment of his claims.

A

Foreclosure

34
Q

A transaction by which the mortgage reacquires or buys back the property which may have passed under the mortgage or divests the property of the lien which the mortgage may have created.

A

Redemption

35
Q

Right of the mortgagor to redeem the mortgaged property after his default in the performance of the conditions of the mortgage but before the sale of the mortgaged property or confirmation of the sale.

A

Equity of Redemption

36
Q

Right of mortgagor to redeem the mortgaged property within a certain period after it was sold for the satisfaction of the mortgage debt.

A

Right of Redemption

exercised within 1 year from registration of sale

RFBT (8 decks)

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