LAW sales

LAW sales

BARTER=the consideration of the contract is another thing

PICE OF WORK=contract for the delivery at a certain price of an article to be

PRICE=the sum stipulated as the equivalent of the thing sold

BY-BIDDERS/PUFFERS=A person employed by the seller or auctioneer to raise the

POLICITACION= A unilateral promise the buy or sell a thing which is not accep

SYMBOLIC DELIVERY= Delivery of the keys of the place where a movable is kept

TRADITTION CONSTITUTUM POSSESSORIUM= Delivery that takes place when the selle

UNPAID SELLER= Includes on who has received as conditional payment for the go
WARRANTY AGAINST EVICTION= Sellers undertaking that the buyer shall enjoy le

ACCION REDHIBITORIA= Remedy of buyer to withdraw from the sale and ask for da

LEGAL REDEMPTION= The right to be subrogated upon the same terms and conditio

EQUITABLE MORTGAGE= Lacks formalities but nevertheless shoes the real intenti

DOCUMENT OF TITLE= A document used as proof of the possession or control of t

BILL OF LADING= A document issued by the common carrier acknowledging the rec

SALE OR RETURN= Ownership is transferred to buyer upon delivery but he has th

DACION EN PAGO= Ownership of a thing transferred to settle a monetary obligat

FUNGIBLE GOODS=Every unit is regarded as the equivalent of any other unit

STRAIGHT SALE=The balance payment in its entirely after the payment go an ini
EMPTIO REI SPERATI= -none-

EARNEST MONEY= Proof of the perfection of a contract of sale

TRADITIO LONGA MANU= Delivery of a movable by mere agreement o g f the partie

POSSESSORY LEIN=an unpaid sellers right to retain the goods for the price wh

EVICTION= The deprivation of final judgment of the vendee of the whole or par

EASEMENT=an encumbrance imposed upon an immovable for the benefit of another

ACCTION QUANTI MINORIS= Buyers remedy which involves the proportionate reduc

-use by the vendee of his rights, with the consent of the vendor

SALE OF RETURN vs. SALE OF APPROVAL

-ownership

-risk of loss

-right to return
TRANSFER OF OWNERSHIP

-general rule: delivery of specific goods to a carrier or other bailee for the
purpose of transmission to the buyer transfer ownership to the buyer

-exceptions: ownership retained by the seller

=when there is a stipulation to that effect

=when by terms of the bill of lading, the goods are to be delivered to the
seller or his agent or to the order of the seller or his agent

=when by terms of the bill of lading, the goods are to be delivered to the
order of the buyer or his agent, but the bill of the lading is retained by the
seller or his agent

=when the seller draws on the buyer a bill of exchange for the price of the
goods and transmits the bill of exchange and the bill of lading to the buyer to
secure acceptance or payment of the bill of exchange, but the buyer
dishonors such bill of exchange

COMMON FORMS OF DOCUMENTS OF TITLE

-bill of lading

-dock warrant

-warehouse receipt order

CLASSES OD DOCUMENTS OF TITLE

-negotiable DOT:

=bearer DOT

=order DOT
-non-negotiable DOT-delivered to specified person

HOW NEGOTIOABLE DOCUMENT OF TITLE NOGETIATED

-by delivery

-by indorsement plus delivery:

=bank indorsement

=to bearer

=special indorsement

WHO MAY NEGOTIATE NEGOTIABLE DOCUMENT OF TITLE

-by the owner thereof

-by the person to whom the possession or custody of the document has
been entrusted by the owner

RIGHTS ACQUIRED BY A PERSON TO WHOM A NEGOTIABLE DOCUMENT

OF TITLE IS NEGOSTIATED

-title of the person negotiating the document over the goods covered by the
document

-title of the depositor or shopper over the goods covered by the document

-direct obligation of the bailee issuing the document to hold possession of

the goods for him

RIGHTS OF THE TRANSFEREE OF A DOCUMENT TITLE

-negotiable DOT

=as against the transferor, title of goods subject to the terms of any
agreement with transferor

=the right to notify bailee or transfer to him of DOT

=right to compel the transferor to indorse the document unless a contrary

intention appears

-non-negotiable DOT

=same as NDOT 1-2

WARRANTIES of a person transferring or negotiating a DOT

-that the document is genuine

-that he has a legal right to negotiate or transfer it

-that he has knowledge of no fact which would impair the validity or worth of
the document

-that he has a right to transfer the title of the goods and that the goods are
merchantable or fit for a particular purpose

TIME AND PALCE of delivery of the thing sold

-PLACE

-place stipulated

-if no stipulation, place fixed by usage or trade

-in absence of both, sellers place of business, if none, sellers residence

-TIME

-time stipulated

-if no stipulation, within reasonable time fromthe execution of contract

-GOODS in possession of third party-3rd party need to acknowledge the
buyer that he holds the goods in the buyers behalf

-DEMAND OR TENDER OF delivery-must be made are reasonable hour to be

effectual

-EXPENSES OF delivery-seller bears, unless otherwise stipulated

WHEN VENDOR is not bound to deliver the thing sold

-if the vendee has not paid him the price

-if no period for the payment of price has been fixed

-if the period has been fixed for the payment of the price, the vendor is
bound to deliver the thing sold, except:

=when the vendee is insolvent, unless he gives security or guarantee for the
payment

=when the vendee fails to furnish the guaranties or securities that he

promised

=when the guarantees/securities have been impaired through his own actor
fortuitous event, unless he immediately gives a new one

=when the vendee violates any undertaking in consideration

=when the vendee attempts to abscond

RULES IN CASE OF LOSS OF THING WITH hidden defects

-CAUSE IS THE DEFECT

-vendor was aware of defect

=to return the price

=to refund the expenses of the contract

=to pay damages

-vendor was not aware of the hidden defect

=to return the price

=to pay the interest thereon

=to refund the expenses of the contract

-CAUSE IS A fortuitous event

-vendor aware

=to return the price paid less the value of the third at the time of loss

=to paid damages

-Vendor not aware - #1 only

TRADE TERMS -> COD FOB CIF