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Book Title: The Law on Sales Agency and Credit Transactions by Hector S. De Leon
Author: by Hector S. De Leon,
Categories: Agency (Law),
Publisher: Rex Bookstore, Inc.
Page: 489 Pages
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
A. Loan (General Provisions)
Chapter 1: Commodatum
Chapter 2: Simple Loan or Mutuum
Chapter 1: Deposit in General and Its Different Kinds
Chapter 2: Voluntary Deposit
Chapter 3: Necessary Deposit
Chapter 4: Sequestration or Judicial Deposit
Chapter 1: Nature and Extent of Guaranty
Chapter 2: Effects of Guaranty
Chapter 3: Extinguishment of Guaranty
Chapter 4: Legal and Judicial Bonds
Chapter 1: Provisions Common to Pledge and Mortgage
Chapter 2: Provisions Applicable Only to Pledge
E. Real Mortgage
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
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
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.
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:
perfected by mere consent without further act
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
it is given a designation in the Civil Code, namely
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
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