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Law on Sales NOTES

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Christy Canete
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30 views2 pages

BLR File5

Law on Sales NOTES

Uploaded by

Christy Canete
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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Art. 1471.

Effect where price is simulated Except → price fixed by other party is ACCEPTED
by the other, contract deemed PERFECTED
1. (there exist meeting of minds)

Art. 1474. Effect of failure to determine price


Price is simulated or false (but
intended to transfer the thing
1.
gratuitously) SALE IS VOID, but contract
is VALID AS DONATION
Where contract executory - CONTRACT
IS WITHOUT EFFECT, no obligation to
2. deliver and to pay
3.
2.
Contract not shown to be donation
3.
(because parties do not intend to be
bound at all, ownership not
transferred) contract is VOID AND Where delivery has been made - thing
INEXISTENT or part been delivered and
appropriates by the buyer, buyer must
PAY REASONABLE PRICE (market price
4. at the time and place fixed by the
contract or by law)
Art. 1472. Price on a given day at particular
market
4.
following considered be certain:
Art. 1475. Stages of Contract of Sale
/ which the thing sold would have on a definite
day
1.
/ or particular exchange or market
Negotiation - from the time contracting
/ above or below the price in given day or
parties indicate interest in the contract
exchange or market
to the time the contract is perfected
PROVIDED SAID AMOUNT BE CERTAIN,
otherwise sale is INEFFECACIOUS cause the 2.
price cannot be determined 3.
Art. 1473. Fixing of price by one of the
contracting parties Perfection - concurrence of essential
elements of the sale: meeting of minds
Gen. rule → NOT ALLOWED as to object and price
reasons:
4.
1. 5.

Consent is essential in both parties Consummation - parties perform their


respective undertakings
2.
3. 6.

To be just, price be determined by both Perfection of contract of sale


parties or judgement of specified / being consensual, the moment there is a
persons meeting of minds upon the thing and upon the
price, reciprocal obligations arise
4.
/ ownership not transferred until delivery
/ one party NOT COMPLY what is incumbent / separate loys of separate biddings
upon him, injured party may sue for fulfillment and separately knockdown, SEPARATE
or rescission + damages in either case CONTRACT

Right of owner to fix his own price


1.
1.
Sale perfected by the fall of the
hammer
/ owner has right to quote price,
reasonable or unreasonable
2.
2.

/ may impose condition hard to


fulfill

/ name a price quite out of proportion to


the real value

1.

to quote a small or nominal


consideration

2.

Effect of failure to pay price/absence of price

1.

Price stipulated - failure to pay after


execution of contract DOES NOT
CONVERT into one without cause

2.
3.

No price stipulated - sale is VOID AND


NON-EXISTENT

4.

Art. 1476. Auction Sales

Rules governing auction sales

1.

Sales of separate lots by auction ate


separate sales

2.

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