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23 Cards in this Set
- Front
- Back
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BY THE CONTRACT OF SALE, ONE OF THE CONTRACTING PARTIES OBLIGES HIMSELF TO TRANSFER THE OWNERSHIP OF AND DELIVER A DETERMINED THING, AND THE OTHER TO PAY THEREFORE A PRICE CERTAIN IN MONEY OR ITS EQUIVALENT
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CONTRACT OF SALE
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WHAT ARE THE CHARACTERISTICS OF A SALES CONTRACT?
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CONSENSUAL, BILATERAL, ONEROUS, COMMUTATIVE, NOMINATIVE, PRINCIPAL
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IT IS PERFECTED BY MERE CONSENT WITHOUT ANY FURTHER ACT
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CONSENSUAL CHARACTERISTIC OF SALES CONTRACT
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BOTH CONTRACTING PARTIES ARE BOUND TO FULFILL OBLIGATIONS TOWARDS EACH OTHER, THE SELLER TO DELIVER OBLIGATIONS TOWARDS AND TRANSFER OWNERSHIP OF THE THING SOLD AND THE BUYER TO PAY THE PRICE
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BILATERAL
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THE THING SOLD IS CONVEYED IN CONSIDERATION OF PRICE AND VICE VERSA
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ONEROUS
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THE THING SOLD IS CONSIDERED THE EQUIVALENT OF THE PRICE PAID AND VICE VERSA
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COMMUTATIVE
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IT IS GIVEN A SPECIAL NAME OR DESIGNATION IN THE CIVIL CODE
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NOMINATIVE
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IT DOES NOT DEPEND FOR ITS EXISTENCE AND VALIDITY UPON ANOTHER CONTRACT
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PRINCIPAL
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WHAT ARE THE ESSENTIAL REQUISITES OF A CONTRACT OF SALE?
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CONSENT, OBJECT CERTAIN WHICH IS THE SUBJECT MATTER OF THE CONTRACT, AND CAUSE OF THE OBLIGATION WHICH IS ESTABLISHED
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TITLE PASSES TO THE VENDEE UPON DELIVERY OF THE THING SOLD
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CONTRACT OF SALE
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This refers conveyance of real estate in favor of creditor in payment of the transferor's obligation or debt
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DACION EN PAGO
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No pre-existing debt before the agreement. Obligation to pay is created after the agreement. The cause of the contract is the price paid. The price is not fixed prior to the agreement. Buyer has to pay the price after the contract.
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SALE
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There is a pre-existing debt. Obligation to pay is satisfied. The cause of the contract is the payment of the debt. Payment is already received in the form of the loan
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DACION EN PAGO
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Takes place when the vendor reserves the right to repurchase the thing sold with the obligation to reimburse to the vendee the price of the sale, the expenses of the contract, other legitimate payments made by reason of sale, as well as necessary and useful expenses made on the thing sold
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PACTO DE RETRO SALE
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What is the period for the redemption of property with right or repurchase?
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In the absence of any express agreement, the period of redemption shall be (4) four years the date of the contract. Should there be an agreement the period cannot exceed 10 years. WITHOUT AGREEMENT 4 YEARS/ WITH AGREEMENT 10 YEARS/ Vendor may still exercise the right to repurchase within 30 days from the time final judgment was rendered in a civil action on the basis that the contract was true sale with right to repurchase
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A consensual contract, bilateral, onerous and commutative contract by virtue of which one person binds himself to grant temporarily the use of a thing or to render some services to another who undertakes to pay some rent, compensation or price.
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LEASE
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The right of the owner-lessor to receive the contract rent and reversion of the property at the end of the lease
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LEASED FEE ESTATE
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The right of the lessee to use and enjoy the property subject to compliance with provisions of the lease contract
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LEASEHOLD
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PERIOD OF LEASE
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a. 99 years, if the lessee is a Filipino citizen b. 25 years renewable to another 25 years, if the lessee is a foreigner but not considered a foreigner investor c. 50 years renewable to another 25 years, if the lessee is a foreigner investor and the leased shall be used solely for investment
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May a lessee of a of a real property assign the lease to a third person? What about sub-leasing?
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The lessee of a real property may not assign the lease to a third person without the lessor's consent, unless there is a stipulation in the contract of lease to the contrary.
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What are the grounds for which the lessor may judicially eject the lessee?
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1. Expiration of the period. 2. Lack of payment of the price stipulated. 3. Violation of any of the conditions agreed upon in the contract. 4.When lessee devotes the thing leased to any use or service not stipulated which cause the deterioration thereof.
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What are the different instances where the purchaser of a thing leased cannot terminate the lease?
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1. When the lease is recorded in the Registry of Property. 2. When there is a stipulation in the contract of sale that the purchaser shall respect the lease. When the purchaser knows of the existence of the lease. Where the sale is fictitious. Where the sale is made with right to repurchase (pacto de retro sale)
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If within 15 days after the expiration of the lease has not received from the lessor a notice to vacate, the he is still a lessee. his contract is deemed renewed, for one year , as the case may be, depending on how he pays his rental.
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Principle of TACITA RECONDUCTA
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