Podcast
Questions and Answers
What is the definition of the object or subject matter of a contract?
What is the definition of the object or subject matter of a contract?
- The determinate thing which is the object of the contract, which may be personal or real property (correct)
- The easements independent of the estate to which they belong
- The future inheritance of the parties involved in the contract
- The contagious animals involved in the contract
What is the definition of 'cause' or 'consideration' in a contract of sale?
What is the definition of 'cause' or 'consideration' in a contract of sale?
- The prestation or promise of a thing or service by the other party
- The acquisition of the future inheritance
- The acquisition of the contagious animals
- The acquisition of the price certain in money or its equivalent (correct)
What is the requirement for the price in a contract of sale?
What is the requirement for the price in a contract of sale?
- The price must be the future inheritance
- The price must be the easements independent of the estate
- The price must be the contagious animals
- The price must be certain, real, and pecuniary (correct)
What is the definition of 'its equivalent' in a contract of sale?
What is the definition of 'its equivalent' in a contract of sale?
What is the presumption regarding the consideration in a contract?
What is the presumption regarding the consideration in a contract?
What is the status of conveyances made by virtue of forged signatures?
What is the status of conveyances made by virtue of forged signatures?
What is the essential characteristic of a contract of sale?
What is the essential characteristic of a contract of sale?
What is required for a person to be considered incompetent to contract?
What is required for a person to be considered incompetent to contract?
Which of the following is NOT an example of a sale against the will of the owner?
Which of the following is NOT an example of a sale against the will of the owner?
What is the essential requirement for consent in a contract of sale?
What is the essential requirement for consent in a contract of sale?
Which of the following statements is correct regarding consent in a general contract?
Which of the following statements is correct regarding consent in a general contract?
What is the main difference between a general contract and a contract of sale?
What is the main difference between a general contract and a contract of sale?
Study Notes
- Object or subject matter of a contract can be personal or real property, present or future, but must be licit and within the commerce of men.
- Civil code allows sale of credit and sale of inheritance already acquired, but prohibits sale of easements independent of the estate and sale of contagious animals.
- Essential requisites of a contract of sale include the cause or consideration, which is the "price certain in money or its equivalent."
- In a contract of sale, the cause for the vendor is the acquisition of the price certain, and for the vendee, it is the acquisition of the object of the contract.
- Price in a contract of sale must be certain, real, and pecuniary, and gross inadequacy does not affect the contract.
- Conveyances by virtue of forged signature are void from the beginning for lack of consent and consideration.
- A contract of sale involves one party obligating themselves to transfer ownership of a determinate thing, and the other party paying a price certain in money or its equivalent.
- Consent or meeting of the minds is essential, with the seller agreeing to transfer ownership and deliver the thing, and the buyer agreeing to pay the price certain.
- Incompetence to contract is not solely based on age or physical infirmities, but on mental faculties being impaired to protect property rights.
- Sales can occur against the owner's will in cases like expropriation, execution sale, judicial foreclosure sale, and extra-judicial foreclosure sale.
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Description
Explore the concept of a contract of sale where one party agrees to transfer ownership of a specific item in exchange for a certain price. Learn about the obligations of the seller and buyer in such agreements.