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LAW ON SALES, AGENCY and CREDIT TRANSACTIONS

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zyrll castro

on 16 June 2014

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Transcript of LAW ON SALES, AGENCY and CREDIT TRANSACTIONS

LAW ON SALES, AGENCY and CREDIT TRANSACTIONS
article 1458
by the contact of sale, one of the contracting parties obligates himself to
transfer ownership
of and to
deliver
a determinate thing, an other to pay therefor a price certain in money or its equivalent
what are the effects of loss of obligations in a contract of sale?
Pacto de Retro Sale (Conventional redemption)
article 1601. Conventional redemption shall take place when the vendor reserves the right to repurchase he thing sold, with the obligations to comply with the provisions of Article 1616 and other stipulations which may have been agreed upon.
Actions for Breach Contract of Sale
Liability of the Principal and the Agent
what are the characteristics of a contact of sale?
1) consensual
a contact of sale is
perfected by mere consent
2)bilateral
it give rise to reciprocal obligations
3) principal
can stand by it self
4) onerous
the consideration for each part is the delivery of the thing or the payment of the price.
5) commutative
delivers is considered equivalent of the payment price paid
6) nominate
designated name under the civil code of the Philippines
7) transmissive of ownership
transfers ownership of the subject matter
what are the requisite of a contact of sale?
consent
is manifested as the meeting of the offer and the acceptance upon the thing and the cause which are to constitute the contact
object or subject matter
it must be existing or possible
it must be licit
it mus be determining
the
thing
and the
price
are the subject matter
cause or consideration
price certain in money or its equivalent
thing in a contract of sale.
inexistent
if the thing is lost before perfection of the contract
if the thing is lost before perfection of the contract
if the thing is lost after deliver
buyer bears the risk of loss
if the thing is lost after perfection but before delivery
res permit domino
owner of the thing who bears consequences of the loss
without any effect
following the principle of
res permit domino
when there is an obligation to deliver a determinate object, there is also an correlative obligations
once the obligations to deliver is extinguished, the correlative obligation to pay the price is also extinguished.
what are the Obligations of the vendors?
obligations of the vendors
to deliver the thing
to transfer ownership of the thing
to warrant against eviction and against hidden defects
delivery is not only necessary condition fot the enjoyment of the thing, but is a mode of acquiring dominion and determines the transmission of ownership.
the ownership passes to the buyer on delivery, but he may revest the ownership in the seller by returning the goods within the time fixed in the contract.
when goods are delivered to the buyer "on approval" or "on trial",
the ownership passes to the buyer:
1) when he signifies his approval or acceptance to the seller or does any other adopting the transactions
2) if he does not signify his approval or acceptance to the seller, but retains the goods without giving notice of rejection of the expiration of time as fixed for the return of goods
C.O.D
cash on delivery
C.I.F
Cost, Insurance and freight
F.O.B
Free on board
what is warranty in Case of Eviction?
requisite of eviction
vendee is deprived of the thing purchased wholly or partially
the deprivation is by final judgement
deprivation is based on a right prior to the sale or act imputable to the vendor
vendor was summoned in the suit for eviction at the instance of the vendee
liability for eviction includes
1) return of the value at the same time of evicition
2) return of income or fruits that the buyer had to surrender
3) cost of the suit
4) expenses of the contract
5) damage in case the vendor acted in bad faith
what are the obligations of the vendee?
Article 1582. The vendee is bound to accept delivery and pay the price of the thing sold at the time and place stipulated in the contract
extrajudicial remedies:
1) of the buyer:
a) buyer need to pay unless there is delivery
b) the buyer may reject improper deliveries
c) the buyer suspend payment if he disturbed in the possession or ownership of the thing or has reasonable ground to fear such disturbance
2) of the seller:
a) vendor is not bound to deliver the thing so if the vendee has not paid the price
b) installment sales
judicial remedies
of the buyer:
a) damages for breach of contract
of the seller:
a) recovery of the price
b) damage in case of bad faith
law on agency
the agent
, acts on behalf of another with the authority of the latter, the principal
it is "
fiduciary
" relation which result from the manifestation of consent by one person that another shall acts on former's behalf and subject to control.
essential elements of agency
there is consent, express or implied
the object is the execution of a judicial act in relation to a third person
the agent acts as a representative and not for himself
the agents acts with in the scope of his authority
an agency is distinguished from the lease work or services that the
basis agency
is representation, while in the
lease of work
or services
the basis
is employment
the most distinctive feature of an relationship is the agents power to bring about business relationship between his
principal
and
third person
. the agent is destined to execute
juridical acts
.
what are the core of an independent contractor?
substantial capital or investment:
capital stocks
subscribed capitalization
tools
equipment
machineries
implements
work premises
right to control
the right reserved to the person for whom the services of the contractual workers are performed
failure to qualify s a independent contractor
cooperative merely a labor-only contractor
legitimate labor contracting
to ensure that the employees are paid their wages
the principal employers becomes jointly and severally liable with the job contractor
labor-only contracting
prevent a circumvention of labor laws
agent of the principal employer
when an agent transacts business in his own name, shall not be necessary for him to state the name of the principal.
is a loan for use wherein the property lent must be returned. Commodatum is essentially gratuitous
simple loan or mutuum.
is simply the delivery of sum of money to another in a contract to return.
lender
owner of the property
borrower
use the property
commodatum
pactum Commissorium
stipulation giving power to the creditor to automatically appropriate the thing given as security
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