Contract of Sale Characteristics Quiz

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What type of sale is characterized by ownership not transferring to the buyer until a condition is fulfilled?

Absolute sale

Conditional sale (correct)

Perfected sale

Contract to buy

In a 'contract to sell', what is subjected to a condition?

Price determination

Perfection of the contract

Transfer of ownership (correct)

Full payment

Which of the following is not considered an essential element of a contract of sale?

Meeting of the minds

Object which is certain and determinate

Warranty against eviction (correct)

Price certain

What is the cause or consideration in a contract of sale?

Price certain Signup and view all the answers

What elements are deemed to exist in the contract of sale in the absence of clear contrary agreement?

Natural Elements Signup and view all the answers

In a void intended sale, which element would be absent?

Object Signup and view all the answers

What do future goods refer to in the context of a contract of sale?

Goods that do not exist yet but have potential existence Signup and view all the answers

What is an example of an existing good according to the text?

Future fruits expected from existing fruit-bearing trees Signup and view all the answers

What distinguishes a resolutory condition in a contract?

It extinguishes a subsisting obligation upon fulfillment Signup and view all the answers

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. Signup and view all the answers

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 Signup and view all the answers

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. Signup and view all the answers

Which type of condition leads to the extinction of a subsisting obligation in a contract?

Resolutory condition Signup and view all the answers

Which characteristic best describes an onerous contract?

It is based on a consideration of money or its equivalent. Signup and view all the answers

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 Signup and view all the answers

What defines a contract as being principal?

It is named specifically as a 'sale' by law. Signup and view all the answers

What term is used by law to specifically name an onerous contract?

'Sale' contract Signup and view all the answers

In an absolute sale, when does ownership pass to the buyer?

Upon delivery of the thing subject of the sale Signup and view all the answers