12 Questions
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
What is the definition of 'cause' or 'consideration' in a contract of sale?
The acquisition of the price certain in money or its equivalent
What is the requirement for the price in a contract of sale?
The price must be certain, real, and pecuniary
What is the definition of 'its equivalent' in a contract of sale?
Payment need not be in money, as long as the thing given as token of payment has been assessed and evaluated and its price equivalent in terms of money has been determined
What is the presumption regarding the consideration in a contract?
The presumption is that a contract has sufficient consideration
What is the status of conveyances made by virtue of forged signatures?
Conveyances by virtue of forged signatures are void ab initio and inexistent for absence of consent and cause or consideration
What is the essential characteristic of a contract of sale?
One party obligates to transfer ownership of a determinate thing, and the other party obligates to pay a price certain.
What is required for a person to be considered incompetent to contract?
Having impaired mental faculties that prevent protecting property rights.
Which of the following is NOT an example of a sale against the will of the owner?
Private sale between two willing parties
What is the essential requirement for consent in a contract of sale?
Both (a) and (b).
Which of the following statements is correct regarding consent in a general contract?
Consent is the meeting of the offer and the acceptance upon the thing and the cause.
What is the main difference between a general contract and a contract of sale?
A general contract specifies the thing and the cause, while a contract of sale specifies the determinate thing and the price certain.
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.
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.
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