Assignment of credits
1. ASSIGNMENT Perfection of assignment ⦁ An assignment of credits and other incorporeal rights shall be perfected in accordance with the provisions of Article 1475. (Article 1624, Ibid.) Cross-referenced article/s The contract of sale is perfected at the moment there is a meeting of minds upon the thing which is the object of the contract […]
Extinguishment of a sales contract
1. In general Extinguishment of sales contract: 1) Same causes with extinguishment of all other obligations; 2) Those causes under Title VI-Sales; 3) Conventional redemption; AND 4) Legal redemption Sales are extinguished by the same causes as all other obligations, by those stated in the preceding articles of this Title, and by conventional or legal […]
Breach of a sales contract
1. Remedies a. REMEDIES OF SELLERS Seller’s remedies: 1) Action for the price of goods; 2) Action for damages; or 3) Action for rescission. Action for the price of goods ⦁ If ownership has passed to the buyer. Where, under a contract of sale, the ownership of the goods has passed to the buyer and […]
Vendee’s Obligations
1. TO TRANSFER OWNERSHIP AND DELIVER THE THING SOLD The seller is bound to transfer the ownership of and deliver the object of the sale. (Article 1495, Ibid.) 2. TRANSFER OF OWNERSHIP AND DELIVERY OF THE THING SOLD The thing sold shall be understood as delivered, when it is placed in the control and possession […]
Vendor’s Obligations
1. TO PAY PRICE OF THE THING SOLD The buyer is bound to pay the price of the thing sold at the time and place stipulated in the contract. (Article 1582, Ibid.) 2. TO ACCEPT DELIVERY At time and place stipulated.The buyer is bound to accept delivery at the time and place stipulated in the […]
Effects of the contract when the thing sold has been lost
1. Loss of generic things Entirely lost. If at the time the contract of sale is perfected, the thing which is the object of the contract has been entirely lost, the contract shall be without any effect. (Article 1493, Ibid.) Partially lost. But if the thing should have been lost in part only, the buyer […]
Capacity to buy or sell
All persons who are authorized in the Civil Code to obligate themselves, may enter into a contract of sale, saving the modifications contained in the following articles. (Article 1489, Ibid.) 1. Minors or incapacitated persons Where necessaries are those sold and delivered to a minor or other person without capacity to act, he must pay […]
Sales – Nature and Form
By the contract of sale one of the contracting parties obligates himself to transfer the ownership and to deliver a determinate thing, and the other to pay therefor a price certain in money or its equivalent. (Article 1458, Civil Code) Absolute or conditional. A contract of sale may be absolute or conditional. (Paragraph 2, Article […]