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Law on Sales Reviewer

In: Business and Management

Submitted By jennagan15
Words 10225
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CONTRACT OF SALE – One of the contracting parties obligates himself to transfer the ownership of and to deliver a determinate thing, and the other to pay therefor a price certain money or its equivalent. A contract of sale may be absolute or conditional.
1. Contract of sale (absolute)

real obligation – obligation to give

remedies available:
a. specific performance
b. rescission
c. damages
2. Contract to sell (conditional)

personal obligation – obligation to do

remedies available:
a. resolution
b. damages
1. consent
2. subject matter
3. price
1. Nominate - law gave it a name
2. Principal - can stand on its own; unlike accessory contract
3. Bilateral - imposes obligation on both parties
a. obligation of seller – transfer ownership & deliver
b. obligation of buyer – pay for price
Consequence: power to rescind is implied in bilateral contracts
4. Onerous – with valuable consideration

Consequence: all doubts in construing contract to be resolved in greater reciprocity of interest
5. Commutative – equal value is exchanged for equal value

Test: subjective – as long as parties in all honesty that he is receiving equal value then it complies with test & would not be deemed a donation; but must not be absurd.

Inadequacy of price or aleatory character not sufficient ground to cancel contract of sale; inadequacy can show vitiation of consent & sale may be annulled based on vice but not on inadequacy
6. Consensual – meeting of minds makes a perfect contract of sale but needs delivery to consummate.
7. Title & not a mode – gives rise to an obligation to transfer; it is delivery w/c actually transfer ownership; mode which actually transfer ownership.

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