Questions and Answers
What does a contract of sale obligate the seller to do?
Which characteristic of a contract of sale indicates that both parties are bound to fulfill obligations towards each other?
Which of the following is NOT considered a natural element of a contract of sale?
In a contract of sale, what type of object is required?
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What type of contract of sale allows ownership to pass to the buyer upon delivery without any conditions?
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What is the designation given to the price in a contract of sale?
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Which of the following adequately describes the cause or consideration in a contract of sale?
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What is required for the consent to be valid in a contract of sale?
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Study Notes
Nature and Form of the Contract
- A contract of sale involves the transfer of ownership of a determinate thing in exchange for a certain monetary price.
- Consensuality leads to perfection of the contract through mutual agreement between parties.
Characteristics of a Contract of Sale
- Consensual: Contract is valid through simple consent between parties.
- Bilateral: Both parties are obliged to fulfill reciprocal commitments.
- Onerous: The contract is contingent upon payment of a price.
- Commutative: Value of the sold item corresponds to the price paid.
- Nominate: The contract is specifically termed as a sale.
- Principal: Its existence is not reliant on other contracts.
Essential Requisites of a Contract of Sale
- Consent: Both seller and buyer must agree on the transfer of ownership and payment of price. Legal capacity is required for both parties.
- Object: The sale must concern a determinate item, or one that can be made determinate.
- Cause: The price must be explicitly stated, which can include checks or promissory notes.
Natural and Accidental Elements
- Natural Elements: Implied elements inherent in contracts unless specifically stated otherwise (e.g., warranty against eviction).
- Accidental Elements: Elements that may be added or omitted based on mutual agreement, such as interest rates, penalties, or payment timing.
Two Kinds of Contract of Sale
- Absolute Sale: Ownership transfers to buyer immediately upon delivery without any conditions.
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Description
This quiz explores the nature, characteristics, and essential requisites of a contract of sale. It covers key concepts like consensuality, bilateral obligations, and the importance of the object in a sale. Test your understanding of these fundamental legal principles.
