AE3-RFLIB#1

The following are the essential elements of a contract of sale, except:

• consent of the parties

• subject matter which should be determinate

• price which is certain in money or its equivalent

• warranty against eviction and against hidden defects

The following are the characteristics of a contract of sale, except:

• principal, which means that a contract of sale can stand by itself

• real, which requires the delivery of the object of the contract of sale for its perfection

• onerous, where rights are acquired in exchange of a valuable consideration

• bilateral, which means that both parties are bound reciprocally to each other.

One of the characteristic in dacion en pago is also a characteristic of a contract of sale. which is it?

• there is pre-existing credit

• obligations are extinguished

• there is less freedom in fixing the price

• ownership of the object is transferred to the other party

The following are characteristics of a contract of sale except for one which refers to payment by cession. which characteristic refers to a payment by cession?

• there is no pre-existing credit

• the cause or consideration is the price

• there is more freedom in fixing the price

• assignee of the property acquires the right to sell the thing but not the ownership thereof.

One of the following is not a requisite of the object of a contract of sale . which is it?

• it is within the commerce of men

• it must be licit

• vendor must have the right to transfer the ownership of the thing at the time of the sale.

• it must be determinate or determinable

Jomayi sells to Anayi 500 sacks of rice at P1,000.00 per sack from the stock then stored in the warehouse of Jomayi. unknown to the parties, the warehouse contains only 480 sacks of rice. what is the status of the contract between Jomayi and Anayi?

• the entire sale is valid up to 500 sacks of rice. Bermejo becomes the owner of the whole stock available and Santiago must deliver the deficiency of 20 sacks of rice.

• the sale is void since the quantity available is less than the quantity sold

• the sale is valid up to 480 sacks of rice but void as to the deficiency of 20 sacks of rice

• the sale is valid up to 480 sacks of rice but rescissible as to the deficiency of 20 sacks of rice by reason of damage suffered by bermejo.

The price in a contract of sale is certain, except:

• when the parties have fixed or agreed upon a definite amount

• if the price is certain with reference to another thing certain

• if the fixing of the price is left to the discretion of one of the contracting parties and the price fixed is not accepted by the other party

• if the price fixed is that which the thing sold would have on a definite day or in a particular exchange or market.

S orally offered to sell a certain diamond ring to b for P50,000.00. B accepted the offer and to prove that he was in earnest, he give S P1,000.00. the parties agreed that the delivery of the ring and the payment of the price would be made 30 days later. on due date:

• S may collect from B P50,000.00

• S may collect from B P49,000.00

• S cannot enforce payment because the contract was not reduced to writing

• S cannot enforce payment because there was no contract of sale yet

A sum of money paid, or a thing delivered upon the making of a contract for the sale of goods, to bind the bargain, the delivery and acceptance of which makes the final assent of both parties to the contract.

• option money

• earnest money

• reservation money

• down payment

An unpaid seller has the following rights, except:

• A lien on the goods or the right to reatin them for the price while he is in possesion of them.

• in case of insolvency of the buyer, a right of stopping the goods in transitu after he has parted with the possession of them.

• a right of repurchase

• when he has obtained judgment for the price of he goods.