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1. Definition. a.

Contract of Sale By the contract of sale, one of the parties obligates himself to transfer the ownership of and to deliver a determinate thing, and the other to pay therefore a price certain in money or equivalent. (Article !"#$ b. Conditional Sale %t is one &ind of contract of sale where the sale contemplates a contingency, and in general, where the contract is sub'ect to certain conditions, usually the full payment of the purchase price. (he delivery of the thing sold does not transfer ownership until the condition is fulfilled. c. Sale by )escription %t occurs where a seller sells things being of a particular &ind, the buyer not &nowing whether the seller*s representations are true or false, but relying on them as true+ or, as otherwise stated, where the purchaser has not seen the article sold and relies on the description given him by the vendor, or has seen the goods but the want of identity is not apparent on inspection. %f the bul& of the goods delivered do not correspond with the description, the contract may be rescinded. (Article !# $ d. ,ungible -oods (hese are 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. 2. What remedies are available to a vendor in sale of personal property payable in installments? (he vendor of personal property payable in installments may e.ercise any of the following remedies/ a. 0.act fulfilment of the obligation, should the vendee fail to pay+ b. Cancel the sale, should the vendee*s failure to pay cover two or more installments+ c. ,oreclose the chattel mortgage on the thing sold, if one has been constituted, should the vendee*s failure to pay cover two or more installments. %n this case, he shall have no further action against the purchaser to recover any unpaid balance of the price. Any agreement to the contrary shall be void. (Article !#!$ 3. Under the statute of fraud, what contract of sale must be in writing to be enforceable by court action? 1nder the Statute of ,raud, the following contracts must be in writing, otherwise they cannot be enforced in a court litigation/ a. Sale of personal property at a price not less than 2"33.33+ b. Sale of real property or an interest therein regardless of the price involved+ and c. Sale of property not to be performed within a year from the date thereof regardless of the nature of the property and the price involved. . Distinguish contract of sale and contract of agency.

By the contract of sale, one of the parties obligates himself to transfer the ownership of and to deliver a determinate thing, and the other to pay therefore a price certain in money or equivalent. 4hile the contract of agency, a person binds himself to render some service or to do something in representation or on behalf of another, with the consent or authority of the latter. Sale may be distinguished from an agency to sell, as follows/ a. %n a sale, the buyer receives the goods as owner+ in agency to sell, the agent receives the goods of the principal who retains his ownership over them+ b. %n a sale, the buyer has to pay the price+ in an agency to sell, the agent has simply to account for the proceeds of the sale he may ma&e on the principal*s behalf+ c. %n a sale, the buyer, as a general rule, cannot return the ob'ect sold+ in an agency to sell, the agent can return the ob'ect in case he is unable to sell the same to a third person+ d. %n a sale, the seller warrants the thing sold+ in an agency to sell, the agent ma&es no warranty for which he assumes personal liability as long as he acts within his authority and in the name of the seller+ and e. %n a sale, the buyer can deal with the thing sold as he pleases, being the owner+ in an agency to sell, the agent dealing with the thing received, must act and is bound according to the instructions of his principal. !. When price considered certain? 1nder Article !56, the price is certain if/ a. (he parties have fi.ed or agreed upon a definite amount+ or b. %t be certain with reference to another thing certain+ or c. (he determination of the price is left to the 'udgment of a specified person or persons. 7ote/ %t must be understood that the last two cases are applicable only when no specific amount has been stipulated by the parties. ". When is ownership of a thing transferred to the buyer? According to Article !88, the ownership of the thing sold shall be transferred to the vendee upon the actual or constructive delivery thereof. %t is only after the delivery of the thing sold that the purchaser acquires a real right or ownership over it. But, the parties may stipulate that ownership in the thing shall not pass to the purchaser until he has fully paid. #. $eller sold to %uyer certain goods. &t the time of sale seller is not the owner of the goods. 'ay there be a valid sale to buyer? 9es, there is a valid sale. 1nder Article !"6, the thing must be licit and the vendor must have the right to transfer the ownership thereof at the time it is delivered. As long as the vendor owns the thing he is buying is determinate, lawful, and not impossible,

still there will be a valid sale. %n addition, Article !5: says that the goods which form the sub'ect of a contract of sale may be either e.isting goods owned or possessed by the seller or goods to be manufactured, raised, or acquired by the seller after the perfection of the contract of sale called ;future goods.< (here may be a contract of sale of goods, whose acquisition by the seller depends upon a contingency which may or may not happen. =oreover, though at the time of sale the seller is not the owner of the goods still there will be a valid sale.

Source: De Leon, Hector S., The Law on Sales, Agency, and Credit Transactions, 2010 Ed., Rex rinting Co!"any, #nc., $cto%er 2010