Scribd Logo
Upload

Welcome to Scribd!

  • 243 views

    Sales Midterm Exam

    Uploaded by

    Hanabishi Rekka
    The document summarizes 10 points regarding a law on sales midterm exam: 1) A sale of property with an existing mortgage is valid if the essential elements of consent, object, and cause are present. 2) For a sale to be valid, the seller must be the legal owner of the property being sold at the time of delivery. 3) The contract between Arnel and Franco was a sale, not an agency, because Franco was required to pay for the property even if unable to resell it.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd

    Sales Midterm Exam

    Uploaded by

    Hanabishi Rekka
    243 views2 pages
    The document summarizes 10 points regarding a law on sales midterm exam: 1) A sale of property with an existing mortgage is valid if the essential elements of consent, object, and cause are present. 2) For a sale to be valid, the seller must be the legal owner of the property being sold at the time of delivery. 3) The contract between Arnel and Franco was a sale, not an agency, because Franco was required to pay for the property even if unable to resell it.

    Original Title

    SalesMidtermExam

    Copyright

    © © All Rights Reserved

    Available Formats

    DOCX, PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    The document summarizes 10 points regarding a law on sales midterm exam: 1) A sale of property with an existing mortgage is valid if the essential elements of consent, object, and cause are present. 2) For a sale to be valid, the seller must be the legal owner of the property being sold at the time of delivery. 3) The contract between Arnel and Franco was a sale, not an agency, because Franco was required to pay for the property even if unable to resell it.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    243 views2 pages

    Sales Midterm Exam

    Uploaded by

    Hanabishi Rekka
    The document summarizes 10 points regarding a law on sales midterm exam: 1) A sale of property with an existing mortgage is valid if the essential elements of consent, object, and cause are present. 2) For a sale to be valid, the seller must be the legal owner of the property being sold at the time of delivery. 3) The contract between Arnel and Franco was a sale, not an agency, because Franco was required to pay for the property even if unable to resell it.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 2

    JOHN LOUIE O.

    ESGUERRA
    MIDTERM EXAM – LAW ON SALES
    NOV. 11, 2020

    1. Yes! Provided that the essential requisites of the Contract of Sale is present which are a) Consent
    b) Object c) Cause. With regards to the mortgage on the property. The law provides that an owner
    can validly sell his property even when it is currently attached to a debt (loan). This sale transaction
    is usually called “Sale with assumption of Mortgage”.

    2. According to the law, the sale will become valid if, at the time of DELIVERY, the Seller becomes
    the legal owner of the property being sold. Otherwise the sale is invalid.

    3. The contract entered into by Arnel and Franco is a Sale not an Agency to Sell because payment
    had to made by Franco even if he is unable to resell it. If Franco were an agent he is not bound to
    pay the price if he is unable to resell it.

    4. According to Law, if the goods are to be manufactured especially for the customer and upon his
    special order and not for the general market, it is a contract for a piece of work.

    In the case at bar, it is evident that what the customer wants is a “Custom-Made Golf Club fit only
    to his golfing style. Hence, applying the provision of the Law, the contract entered between Kael
    and ABC Golf Club Company is a Contract for a piece of work.

    5. In Auction Sale, the law provides that the perfection of the sale happened by the fall of the
    HAMMER, or in other customary manner. Absence of it the parties may retract and withdraw there
    offers. Sucject to exemption that if the sale has been announced to be without reserve, the
    auctioneer cannot withdraw the goods from sale once a bid has been made and the highest bidder
    has a right to enfiorce his bid.

    6. NO! The law provides that when the offerer has allowed the offeree a certain period to accept, the
    offer may be withdrawn at any time before acceptance by communicating such withdrawal.

    My answer would be different if the period of 1 month afforded to Mico is founded upon a
    consideration and also if the party is already in agreement meaning that there was already a
    meeting of the mind.

    7. The law provides that when the offerer has allowed the offeree a certain period to accept, the offer
    may be withdrawn at any time before acceptance by communicating such withdrawal. However, in
    the case at bar in can be deduce from the wording of the case that the parties already have
    meeting of the minds when they agreed to the contract. Hence, Angela can compel Clare specific
    performance.
    8. I will rule in favor of Brent and declared that the transaction entered into by Tere and Rina is VOID.
    Because the transaction they have entered will circumvent the Law which gives preference to
    owner of the property the right to redeem his/her property.

    9. YES! In contract to sale, ownership is retained by the seller and is not passed until the full payment
    of the price hence, it became positive suspensive condition. The non-payment of which would not
    therefore give rise to the obligation to transfer the ownership.

    10. The sale is valid. Failure to record a sale of share of stock in the stock and transfer book is not one
    of the essential requisite for a contract of sale.

    You might also like