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The Law on Sales Agency and Credit Transactions by Hector S. De Leon Agency (Law)

By Hector S. De Leon 2014-10-05 00:00:00

The Law on Sales Agency and Credit Transactions by Hector S. De Leon

Book Title: The Law on Sales Agency and Credit Transactions by Hector S. De Leon

Author: by Hector S. De Leon,

PublishedDate: 2005

Categories: Agency (Law),

Publisher: Rex Bookstore, Inc.

Page: 489 Pages

ISBN: 971234231X

Subtitle:

- The Law on Sales Agency and Credit Transactions by Hector S. De Leon

The Law on Sales Agency and Credit Transactions by Hector S. De Leon written by Hector S. De Leon and published on 2005. This book can be read online or download for free. Its been read 4966 times and rate 4966 times.

This is a part 1:Sales from the book "The Law on Sales Agency and Credit Transactions by Hector S. De Leon".

This book is intended for the use of commerce students. An attempt is made to condense or rephrase the legal provisions in a simple manner and to correlate them so that they will be easily understood.

Abundant illustrations are given not only to further assist the student in the proper interpretation of the law but also to ensure full understanding of basic principles.

A study guide is provided at the end of every chapter, or section where the chapter is divided into sections.

TABLE OF CONTENTS

Part I: Sales
 Chapter 1: Nature and Form of the Contract
 Chapter 2: Capacity to Buy or Sell
 Chapter 3: Effects of the Contract When the Thing Sold Has Been Lost
 Chapter 4: Obligations of the Vendor
 Chapter 5: Obligations of the Vendee
 Chapter 6: Actions for Breach of Contract of Sale of Goods
 Chapter 7: Extinguishment of Sale
 Chapter 8: Assignment of Credits and Other Incorporeal Rights
 Chapter 9: General Provisions
 Chapter 10: Barter or Exchange
 Chapter 11: The Bulk Sales Law

Part II: Agency
 Chapter 1: Nature, Form and Kinds of Agency
 Chapter 2: Obligations of the Agent
 Chapter 3: Obligations of the Principal
 Chapter 4: Modes of Extinguishment of Agency

Part III: Credit Transactions
Introduction
 A. Loan (General Provisions)
  Chapter 1: Commodatum
  Chapter 2: Simple Loan or Mutuum
 B. Deposit
  Chapter 1: Deposit in General and Its Different Kinds
  Chapter 2: Voluntary Deposit
  Chapter 3: Necessary Deposit
  Chapter 4: Sequestration or Judicial Deposit
 C. Guaranty
  Chapter 1: Nature and Extent of Guaranty
  Chapter 2: Effects of Guaranty
  Chapter 3: Extinguishment of Guaranty
  Chapter 4: Legal and Judicial Bonds
 D. Pledge
  Chapter 1: Provisions Common to Pledge and Mortgage
  Chapter 2: Provisions Applicable Only to Pledge
 E. Real Mortgage
 F. Antichresis

Chapter 1
Nature and Form of Contract I. Definitions

Contract of Sale
 a contract whereby one of the parties (called the seller or vendor) obligates himself tdeliver something tthe other (called the buyer or purchaser or vendee) who, on his part, binds himself tpay therefore a sum of money or its equivalent
Natural Elements
 those which are deemed texist in certain contracts, in the absence of any contrary stipulations like warranty against eviction or hidden defects
Sale by description

 occurs where a seller sells things as being of a particular kind, the buyer n
ot knowing whether the seller’s
representations are true or false.
 Note: If the bulk of the goods delivered dnot correspond with the description, the contract may be rescinded

Fungible goods
 goods of which any unit is, from its nature or by mercantile usage, treated as the equivalent of any other unit such as grain, oil, wine, gasoline, etc.

Conditional Sale

 sale contemplates a contingency and in general where the contract is subject tcertain conditions, usually the full payment of the purchase price
 Note: The delivery of the thing sold does not transfer ownership until the condition is fulfilled II. Discussions:

 Difference between Earnest Money and Option Money Earnest Money Option Money Part of Purchase Price Money given as distinct consideration for the option contract Given only where there is a sale Applies ta sale not yet perfected When earnest money is given, buyer is bound tpay the balance Would-be-buyer is not required tbuy when he gives option money

 Remedies available ta vendor in sale of personal property payable in installments
 
Elect fulfillment upon the vendee’s failure tpay
 
 Cancel the sale, if the vendee shall have failed tpay twor more installments
 Foreclose the chattel mortgage, if one has been constituted, if the vendee shall have paid tpay twor more installments

 Characteristics of a contract of sale:
 Consnsual

 perfected by mere consent without further act
 Bilateral

 because both contracting parties are bound tfulfill obligations reciprocally towards each other
 Onerous - thing sold is conveyed in consideration of price and vice versa
 Commutative - thing sold is considered the equivalent of the price paid and vice versa
 Nominate

 it is given a designation in the Civil Code, namely
“Sale”
 
 Principal

 does not depend for its existence and validity upon another contract

 Contracts of sale that must be in writing tbe enforceable by court action (Under Statute of Frauds):
 Sale of personal property at a price not less than P500
 Sale of real property or an interest therein regardless of the price involved
 Sale of property not tbe performed within a year from the date thereof regardless of the nature of the property and the price involved

 Distinctions between a Contract of Sale and a Contract of Agency Contract of Sale Contract of Agency Buyer receives the goods as owner Agent receives the goods as the goods of the principal whretains his ownership over them Buyer has tpay the price Agent has simply taccount for the proceeds of the sale he may make on th
e principal’s behalf
 Buyer, as a general rule, cannot return the object sold  Agent can return the object in case he is unable tsell the same ta third person Seller warrants the thing sold Agent makes nwarranty for which he assumes personal liability as long as he acts within his authority and in the name of the seller Buyer can deal with the thing sold as he pleases The agent in dealing with the thing received, must act and is bound according tthe instructions of his principal

http://www.academia.edu/20684388/THE_LAW_ON_SALES_AGENCY_AND_CREDIT_TRANSACTIONS_DE_LEON_and_DE_LEON_2010

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