4 Questions
Which party in a contract of sale is obligated to transfer the ownership of and deliver a determinate thing?
Seller or vendor
What is an essential element for the validity and perfection of a contract of sale?
All of the above
What must the vendor have in order for something to become the subject matter of a contract of sale?
The right to transfer ownership
Which party in a contract of sale is obligated to pay a price certain in money or its equivalent?
Buyer or vendee
Test your knowledge on the regulatory framework for business transactions and the law on sales. This quiz will cover essential elements of a contract of sales, including the roles of the seller and buyer, transfer of ownership, and payment terms. Sharpen your understanding of the legal aspects of business transactions.
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