18 Questions
What type of sale is characterized by ownership not transferring to the buyer until a condition is fulfilled?
Conditional sale
In a 'contract to sell', what is subjected to a condition?
Transfer of ownership
Which of the following is not considered an essential element of a contract of sale?
Warranty against eviction
What is the cause or consideration in a contract of sale?
Price certain
What elements are deemed to exist in the contract of sale in the absence of clear contrary agreement?
Natural Elements
In a void intended sale, which element would be absent?
Object
What do future goods refer to in the context of a contract of sale?
Goods that do not exist yet but have potential existence
What is an example of an existing good according to the text?
Future fruits expected from existing fruit-bearing trees
What distinguishes a resolutory condition in a contract?
It extinguishes a subsisting obligation upon fulfillment
What is the primary difference between an absolute sale and a conditional sale?
The passing of title depends on the delivery in absolute sale, while it is subject to a condition in conditional sale.
What is the characteristic of things having a potential existence that makes them suitable as a subject matter of a contract of sale?
They do not exist yet but are expected to come into existence naturally
Under what circumstances does an absolute sale become conditional?
When a stipulation is made in the deed that title to the property remains with the seller until payment is made.
Which type of condition leads to the extinction of a subsisting obligation in a contract?
Resolutory condition
Which characteristic best describes an onerous contract?
It is based on a consideration of money or its equivalent.
What does it mean for something to have 'potency to exist' in the context of a contract?
It is something not yet in actual existence but expected to come into existence naturally
What defines a contract as being principal?
It is named specifically as a 'sale' by law.
What term is used by law to specifically name an onerous contract?
'Sale' contract
In an absolute sale, when does ownership pass to the buyer?
Upon delivery of the thing subject of the sale
Test your knowledge on the characteristics of a contract of sale, including the concepts of win, prize, onerous, principal, nominate, absolute sales, and conditional sales.
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