LAW ON SALES DOCX

Title	LAW ON SALES
Author	P. Modena
Pages	29
File Size	62.7 KB
File Type	DOCX
Total Downloads	718
Total Views	881

Summary

LAW ON SALES, AGENCY, AND CREDIT TRANSACTIONS  CHAPTER 1 NATURE AND FORM OF THE CONTRACT (ARTS. 1458-1637) ARTICLE 1458 CONCEPT OF CONTRACT OF SALE -contract of sale is a contract whereby one of the contracting parties (SELLER) obligates himself to transfer the ownership and to deliver a determinat...

Description

LAW ON SALES, AGENCY, AND CREDIT TRANSACTIONS CHAPTER 1 NATURE AND FORM OF THE CONTRACT (ARTS. 1458-1637) ARTICLE 1458 CONCEPT OF CONTRACT OF SALE -contract of sale is a contract whereby one of the contracting parties (SELLER) obligates himself to transfer the ownership and to deliver a determinate thing, and the other party (BUYER) obligates himself to pay a sum of money or its equivalent (PRICE) CHARACTERISTICS OF A CONTRACT OF SALE 1. CONSENSUAL- it is perfected by mere consent of the parties. 2. BILATERAL- the parties are bound by reciprocal obligations SELLER- to deliver and transfer ownership of the thing sold BUYER- to pay the price 3. ONEROUS- the thing sold is conveyed in consideration of the price. 4. COMMUTATIVE- the thing sold is considered the equivalent of the price paid (the contract may be ALEATORY- depending on an uncertain event or contingency) 5. NOMINATE- it has a special name given to it by law namely "SALE" 6. PRINCIPAL- it can exist by itself without being dependent upon another contract. ELEMENTS OF A CONTRACT OF SALE 1. ESSENTIAL ELEMENTS/ REQUISITES A. CONSENT OR MEETING OF THE MINDS -It refers to the consent on the part of the SELLER to transfer and deliver and on the part of the buyer to pay the price. -The parties must have legal capacity to give consent and to obligate themselves. -when there is an ofer of one party, without the acceptance of the other, THERE IS NO CONSENT B. OBJECT OR SUBJECT MATTER - It refers to the determinate thing which is the object of the contract. - If the seller and the buyer difer in regard to the thing sold, there is no meeting of the minds therefore, there is no sale C. CAUSE OR CONSIDERATION -It refers to the "price certain in money or its equivalent"...