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CPA in Transit Reviewer: Law on Sales

2017-2018 ed. RFBT

CPA IN TRANSIT
REVIEWER
(CPATR)

MINI NOTES

Mini notes
CPA in Transit Reviewer: Law on Sales
2017-2018 ed. RFBT
Law on Sales

Elements of a Contract of Sale


1. Essential Elements
a. Consent
b. Determinate object
c. Price certain in money
2. Natural Elements
a. Warranty against eviction
b. Warranty against hidden defects and encumbrances
Mini notes
CPA in Transit Reviewer: Law on Sales
2017-2018 ed. RFBT
3. Accidental Elements- stipulations of the contracting parties

Characteristics of a Contract of Sale

1. Consensual 4. Onerous
2. Principal 5. Commutative
3. Bilateral 6. Nominate

Mini notes
CPA in Transit Reviewer: Law on Sales
2017-2018 ed. RFBT

Sale vs Donation

Sale Donation
Onerous Gratuitous
Mini notes
CPA in Transit Reviewer: Law on Sales
2017-2018 ed. RFBT
Perfected by donee’s
Perfected by mere consent
acceptance

Sale vs Barter

Sale Barter
Mini notes
CPA in Transit Reviewer: Law on Sales
2017-2018 ed. RFBT
Cause or Cause or
consideration is in consideration is
money another thing

Sale vs Contract for Piece of Work


Sale Contract for Piece of Work

Mini notes
CPA in Transit Reviewer: Law on Sales
2017-2018 ed. RFBT
Ordered in the ordinary Made for customer by his
course of the business special order
Thing already existed and
Thing transferred existed
can be a subject of sale to
due to the order.
other persons
Within the statues of fraud Not within

Mini notes
CPA in Transit Reviewer: Law on Sales
2017-2018 ed. RFBT
Sale vs Dacion En Pago
Sale Dacion en Pago
No pre-existing debt Pre-existing debt
Creates an obligation Extinguishes an obligation
Freedom in determining Price is value of the thing
price given
The cause or consideration Cause is the extinguishment
is the price and the delivery of the obligation and the
of the object delivery of the object

Mini notes
CPA in Transit Reviewer: Law on Sales
2017-2018 ed. RFBT

Contract of Sale vs Contract to Sell


Contract of sale Contract to sell
Ownership is transferred upon Ownership is transferred upon
delivery full payment
Non-payment is a resolutory Full payment is a positive
condition suspensive condition
Sale is already perfected No perfected sale yet
Subsequent buyer is presumed Subsequent buyer is presumed
to be in bad faith to be in good faith

Mini notes
CPA in Transit Reviewer: Law on Sales
2017-2018 ed. RFBT
Vendor loses and cannot recover
Title remains in the vendor if the
ownership of the thing sold until
vendee does not comply with
contract of sale is resolved and
the conditions of the contract
set aside

Mini notes