Sales Law Notes Articles DOCX

Title	Sales Law Notes Articles
Author	D. Fernandez-Ynci...
Pages	17
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File Type	DOCX
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Summary

Title VI: Sales CHAPTER 1: NATURE AND FORM OF THE CONTRACT (1458 – 1488) (c) Accidental elements (those which may be present or absent in the 1458: Sale is a contract where one party (seller or vendor) obligates himself stipulation, such as the place or time of payment, or the presence of to transfe...

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Page 1Title VI: Sales CHAPTER 1: NATURE AND FORM OF THE CONTRACT (1458 – 1488) 1458: Sale is a contract where one party (seller or vendor) obligates himself to transfer the ownership of and to deliver a determinate thing, while the other party (buyer or vendee) obligates himself to pay for said thing a price certain in money or its equivalent. Essential Charateersstits of ehe Conerate of Sale (a) Consensual (as distnguished from real), because the contract is perfected by mere consent. (NOTE: A real contract is one perfected by delivery, e.g., the contract of deposit or commodatum.) (b) Bilateral reciprocal, because both partes are bound by obligatons dependent upon each other. (c) Onerous, because to acquire the rights, valuable consideraton must be given. (d) Commutatve, as a rule, because the values exchanged are almost equivalent to each other. (NOTE: By way of excepton, some contracts of sale are aleatory, i.e., what one receives may in tme be greater or smaller than what he has given. Example: The sale of a genuine sweepstakes tcket.) (e) Principal (as distnguished from an accessory contract), because for the contract of sale to validly exist, there is no necessity for it to depend upon the existence of another valid contract. (Examples of accessory contracts are those of pledge and mortgage.) (f) Nominate (as distnguished from an innominate contract) because the Code refers to it by a special designaton or name, i.e. contract of sale) Elemenes of ehe Conerate of Sale (a) Essental elements (those without which there can be no valid sale)e 1) Consent or meetng of the minds, i.e., consent to transfer ownership in exchange for the price. 2) Determinate subject mater (generally, there is no sale of generic thing; moreover, if the partes difer as to the object, there can be no meetng of the minds). 3) Price certain in money or its equivalent (this is the cause or consideraton). (The price need not be in money.) (b) Natural elements (those which are inherent in the contract, and which in the absence of any contrary provision, are deemed to exist in the contract). 1) warranty against evicton (deprivaton of the property bought) 2) warranty against hidden defects (c) Accidental elements (those which may be present or absent in the stpulaton, such as the place or tme of payment, or the presence of conditons). Seages sn ehe Conerate of Sale (a) generaton or negotaton (b) perfecton meetng of the minds (c) consummaton when the object is delivered and the price is paid Ksnds of Sales (a) As to the nature of the subject matere 1) sale of real property 2) sale of personal property (b) As to the value of the things exchangede 1) commutatve sale 2) aleatory sale (c) As to whether the object is tangible or intangiblee 1) sale of property (tangible or corporeal) 2) sale of a right (assignment of a right or a credit, or some other intangibles such as a copyright, a trademark, or goodwill) (NOTE: If the object is tangible, it is called a chose in possession; if the object is intangible, as the case of a right, it is a chose in acton.) [NOTE: The term "goods" as used in the Uniform Sales Act does not ordinarily include choses in acton (things in acton). Neither does the term include money.] (d) As to the validity or defect of the transactone 1) valid sale 2) rescissible sale 3) voidable sale 4) unenforceable sale 5) void sale (e) As to the legality of the objecte 1) sale of a licit object 2) sale of an illicit object (f) As to the presence or absence of conditonse 1) absolute sale (no conditon) 2) conditonal sale (as when there is a sale with a pacto de retro, a right to repurchase or redeem; or when there are suspensive conditons, or when the things sold merely possess a potental existence, such as the sale of the future harvest of a designated parcel of land; or when, for example, all the personal propertes in EGAD - SALES...