BL 3 Q.2 BSA

1. A characteristic of a contract of sale wherein it can stand by itself and there is no necessity for it to depend upon the existence of another valid contract.

• Consensual

• Bilateral

• Principal

• Nominate

2. The sale of a thing with potential existence, subject to a suspensive condition that the thing will come into existence.

• Emptio Rei Speratae

• Emptio Spei

• Option contract

• Future goods

3. Means the regulations, decisions, directives, regulatory policies, guidelines, recommendations and procedures made by the Authority from time to time including any revisions or amendments made to them.

• Partnership

• Regulatory Frameworks

• Legal Issues

• Legal Issuances

4. This refers to the “price certain in money or its equivalent” such as a check or a promissory note, which is the consideration for the thing sold.

• Consent

• Object

• Cause

• Prestation

5. The warranty against deprivation of the property bought.

• Natural warranty

• Incidental warranty

• Warranty against eviction

• Warranty against hidden defect

6. It is where the sale is not subject to any condition whatsoever and where title passes to the buyer upon delivery of the thing sold.

• Absolute

• Conditional

• Option sale

• Contract to Sell

7. A contract where 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

• Agency

• Piece of work

• Barter

8. is something of value given by the buyer to the seller to show that the buyer is really interested, and to bind the bargain and it is actually a partial payment of the purchase price and is considered as proof of the perfection of the contract.

• Option money

• Installment money

• Earnest money

• Show money

9. The vendor who has chosen to exact the fulfillment of the obligation is not limited to the proceeds of the sale of the mortgaged goods. He may still recover from the purchaser the unpaid balance of the price, if any.

• Foreclosure

• Cancellation

• Rescission

• Specific Performance

10. A stage in the contract of sale where there is meeting of the minds between parties.

• Negotiation

• Perfection

• Consummation

• Initiation