LAW ON SALES

-course outline-

NATURE AND FORM OF THE CONTRACT

CONTRACT OF SALE (1458)

Essential requisites of the contract of sale
- Characteristics of Sale
- Transfer of Ownership
[Suntay vs Court of Appeals, G.r. 114950, Dec 19, 1995] (Notarization in a Deed of Sale)
- Contract of Sale and Contract to Sell, Distinguished
[Ayala Life Assurance Inc., vs Ray Burton Dev Corp., G.r. 163075, Jan 23, 2006]

(1459)
- Ownership of the thing Sold
- Thing must be licit (void subject matter)

(1460) Determinate Subject Matter

(1461, 1462) Things with Potential Existence
-Sale of Future Goods
(1466, 1467, 1468) Sale as distinguished from Other contracts
-Contract of Agency to Sell
-Contract for a piece of work
-Barter
[Exchange of Money]

PRICE
(1469, 1470, 1471, 1472, 1473, 1474,) Definition and Requisites

-inadequacy of price
-Sale w/o consideration
-rules in fixing the price

Perfection of Contract of Sale (1475)

When is the contact of sale perfected?

-LIMKETKAI Sons Milling, Inc., vs Court of Appeals, (G.R. 118509, March 29, 1996)
[acceptance of an offer]

Boston Bank of the Philippines vs. Manalo, (G.R. 158149, Feb 09, 2006)Payment by terms

Sale by Auction (1476)

-when perfected
-rights of bidder and seller before perfection

TRANSFER OF OWNERSHIP (1477)

-Kinds of delivery
-Pactum reservatii in dominii

Article 1479 -1482

-Distinguish earnest money from option money

LOSS OF THE THING (1480)

-res perit domino
-who bears the risk of loss?
-sale in bulk of goods (1481)

INSTALMENT SALES LAW (1484) "recto law"

-PCI leasing and finance, inc vs. GiraffeX Creative imaging, inc., G.r. no. 142618, july 12, 2007

FINALS COVERAGE to follow