Week 2 Syllabus

Question 1

It is when one of the contracting parties obligates himself to transfer the ownership and to deliver a determinate thing, and the other to pay therefor a price certain in money or its equivalent.

Answer 1

Contract of Sale (1458)

Question 2

Essential Characteristics of Sale

Answer 2

Consensual, Nominate, Principal, Bilateral, Onerous, Commutative

Question 3

a thing of value is exchanged for equal value. No requirement that the price be equal to the exact value of the subject matter.

Answer 3

Commutative

Question 4

Rules governing auction sales

Answer 4

1) Sales of separate lots by Auction are separate sales.
2) Sale perfected by the fall of hammer.
3) Right of seller to bid in the Auction.

Question 5

A promise to buy and sell a determinate thing for a price certain is reciprocally demandable. An accepted unilateral promise to buy or to sell a determinate thing for a price certain is binding upon the promisor if the promise is supported by a consideration distinct from the price.

Answer 5

Reciprocal Obligation

Question 6

the purchaser has not seen the article sold and relies on the description given him by the vendor or has seen the goods but the want of identity is not apparent on inspection.

Answer 6

Sale by description

Question 7

it appears that both parties contracted solely with reference to the sample with the understanding that the bulk was like it. In a sale by sample the vendor warrants the thing that sold and to be delivered by him shall conform with the sample kind, character and quality.

Answer 7

Sale by Sample

Question 8

Money given by the buyer to bind the bargain and it is actually a partial payment of the purchase price.

Answer 8

Earnest Money

Question 9

Money given as distinct consideration for the option contract.

Answer 9

Option Money

Question 10

Relative Incapacity of Husband and Wife

Answer 10

1) A sale between husband and wife in violation of article 1490 is inexistent and void from the beginning because such contract is expressly prohibited by the law.
2) They are also prohibited from making donations to each other during the marriage except moderate gifts on the occasion of any family rejoicing.

Question 11

Persons prohibited to contract a sale by reason of their profession/function

Answer 11

1) guardians
2) agents
3) executors and administrators
4) public officers and employees
5) judicial officers and employees and lawyers
6) others especially disqualified by law.