Professional Documents
Culture Documents
Notes On Sales Law
Notes On Sales Law
SALE 6. Onerous.
A nominate contract whereby one of
the contracting parties obligates * Aleatory contract: one of the parties or
himself to transfer the ownership of both reciprocally bind themselves to give
and to deliver a determinate thing or to do something in consideration of
and the other to pay therefor a price what the other shall give or do upon the
certain in money or its equivalent. happening of an event which is
uncertain, or which is to occur at an
NOTES: Delivery and payment in a indeterminate time. (Ex: Sale of
contract of sale are so interrelated and sweepstakes ticket)
intertwined with each other that without
delivery of the goods there is no Contract to sell
corresponding obligation to pay. The exclusive right and privilege to
two complement each other. It is clear purchase an object.
that the two elements cannot be a bilateral contract whereby the
dissociated, for the contract of purchase prospective seller, while expressly
and sale is essentially a bilateral reserving the ownership of the
contract, as it gives rise to reciprocal subject property despite delivery
obligations. (Pio Barretto Sons, Inc. vs. thereof to the prospective buyer
Compania Maritima, 62 SCRA 167). binds himself to sell the said
Neither is the delivery of the thing property exclusively to the
bought nor the payment of the price prospective buyer upon fulfilment of
necessary for the perfection of the the condition agreed upon, that is,
contract of sale. Being consensual, full payment of the purchase price.
it is perfected by mere consent.
NOTE: Absent a proviso in the contract
Elements: that the title to the property is reserved
a. Essential elements – those without in the vendor until full payment of the
which, there can be no valid sale: purchase price or a stipulation giving the
1. Consent or meeting of minds vendor the right to unilaterally rescind
2. A Determinable subject matter the contract the moment the vendee
3. Price certain in money or its fails to pay within the fixed period, the
equivalent transaction is an absolute contract of
b. Natural elements – inherent in the sale and not a contract to sell. (Dignos
contract, and which in the absence vs. CA [1988])
of any contrary provision, are * The contract of sale by itself is not a
deemed to exist in the contract: mode of acquiring ownership. The
1. Warranty against eviction contact transfers no real rights; it
2. Warranty against hidden defects merely causes certain obligations to
c. Accidental elements – may be arise.
present or absent depending on the
stipulation of the parties (e.g.: Contract of Contract to
conditions, interest, penalty, time Sale Sell
or place of payment, etc.) 1. Title passes to the 1. Ownership is
buyer upon delivery reserved in the
of the thing sold seller and is not to
Characteristics: pass until full
1. Principal payment of the
2. Consensual; purchase price
3. Bilateral; 2. Non-payment of 2. Full payment is a
4. Nominate; the price is a positive suspensive
negative resolutory condition, the
5. Commutative; In some cases,
condition and the failure of which is
aleatory (emptio spei);
USJ-R School of Law 1
BARTER Requisites:
contract whereby one of the parties 1. Certainty or ascertainable at the
binds himself to give one thing in time of perfection
consideration of the other's promise 2. Real, not fictitious
to give another thing. 3. In some cases, must not be
NOTE: The only point difference grossly inferior to the value of
between contract of sale and barter is in the thing sold.
the element which is present in sale but 4. Paid in money or its equivalent
not in barter, namely: price certain in
money or its equivalent Certainty
It is not necessary that the certainty
NOTE: If the consideration is partly in of the price be actual or determined
money and partly in another thing, at the time of the execution of the
determine: contract. The price is certain in the
a. The manifest intention of the following cases:
parties 1. If the parties have fixed or
b. If the intent is not clear, apply agreed upon a definite amount;
the following rules: NOTE: The fixing of the price can
1. If the thing is more valuable never be left to the discretion of one
than money – barter of the contracting parties. However
2. If the money and the thing if the price fixed by one of the
are of equal value – sale parties is accepted by the other, the
3. If the thing is less valuable sale is perfected.
than money – sale 2. If it be certain with reference to
another thing certain
Sale Dation in Payment 3. If the determination of the price
1. No pre-existing 1. Pre-existing credit is left to the judgment of a
credit specified person or persons even
2. Obligations are 2. Obligations are before such determination
created extinguished 4. In the cases provided under Art.
3. Consideration on 3. Consideration of 1472 NCC
the part of the seller the debtor is the
is the price; on the extinguishment of
part of the buyer is the debt; on the part
the acquisition of of the creditor, it is
the object the acquisition of Effect when the price is fixed by the
the object offered in third person designated:
lieu of the original GENERAL RULE: Price fixed by a third
credit person designated by the parties is
4. Greater freedom 4. Less Freedom in binding upon them.
in determining determining the EXCEPTIONS:
the price price 1. When the third person acts in
bad faith or by mistake
5. Buyer still has to 5. The payment is 2. When the third person disregards
pay the price received by the the specific instructions or the
debtor before procedure marked out by the
the contract is
parties
perfected.
Effect when the price is not fixed by
PRICE the third person designated:
The sum stipulated as the equivalent 1. If the third person refuses or
of the thing sold and also every cannot fix the price, the
incident taken into consideration for contract shall become
the fixing of the price, put to the ineffective, unless the parties
debit of the vendee and agreed to by subsequently agree upon the
him. price
USJ-R School of Law 1
When the offeror receives or has 2. Sale is perfected by the fall of the
knowledge of the acceptance by the hammer
offeree 3. Seller has the right to bid in the
NOTE: If the buyer has already auction, provided:
accepted but the seller does not a) such right was reserved
know yet of the acceptance, the b) notice was given that the sale was
seller may still withdraw subject to a right to bid on behalf of the
c. When a sale is subject to a seller
suspensive condition c) right is not prohibited by law or by
From the moment the condition is stipulation
fulfilled 4. Advertisements for bidders are simply
invitations to make proposals, and the
TRANSFER OF OWNERSHIP advertiser is not bound to accept the
GENERAL RULE: While a contract of highest or lowest bidder, unless the
sale is consensual, ownership of the contrary appears.
thing sold is acquired only upon its
delivery, actual or constructive, to the EFFECT OF PROMISE TREATED UNDER
buyer. (Daus vs. Sps. De Leon, 16 June ART. 1479 Civil Code:
2003) 1. Accepted unilateral promise to sell
This is true even if the purchase or buy
has been made on credit. Only one makes the promise, this
Payment of the purchase price is promise is accepted by the other.
not essential to the transfer of Example: A promises to sell to B, B
ownership, as long as the accepts the promise, but does not in
property sold has been turn promise to buy.
delivered. (Sampaguita Pictures, does not bind the promissor even if
Inc vs. Jalwindor Manufacturers, accepted and may be withdrawn
Inc. 93 SCRA 420) anytime.
Nonpayment only creates a right NOTE: Pending notice of its withdrawal,
to demand payment or to rescind the accepted promise partakes the
the contract, or to criminal nature of an offer to sell which if
prosecution in the case of accepted, results in a perfected contract
bouncing checks. (EDCA of sale (Sanchez vs. Rigos 45 SCRA3 68).
Publishing and Distributing In other words, if the acceptance is
Corp. vs. Santos, 184 SCRA 614) made before withdrawal, it constitutes a
binding contract of sale although the
EXCEPTIONS: option is given without consideration.
1. Contrary stipulation or Pactum if the promise is supported by a
reservati dominii (contractual consideration distinct and separate
reservation of title) – a stipulation, from the price (option money), its
usually in sales by installment, acceptance will give rise to a
whereby, despite delivery of the perfected contract.
property sold, ownership remains
with the seller until full payment of 2. Bilateral promise to buy and sell
the price is made. One party accepts the other’s
2. Contract to sell promise to buy and the latter, the
3. Contract of insurance – a perfected former’s promise to sell a
contract of sale, even without determinate thing for a price certain
delivery, vests in the vendee an it is reciprocally demandable
equitable title, an existing interest
over the goods sufficient to be the
It requires no consideration distinct
subject of insurance from the selling price
NOTE: this is as good as a perfected
RULES GOVERNING AUCTION SALES sale. No title of dominion is
1. Sales of separate lots by auction are transferred as yet, the parties being
separate contracts of sale.
USJ-R School of Law 1
given only the right to demand 1381(3) of the New Civil Code
fulfillment or damages. (Guzman Bocaling & Co. vs.
Bonnavie; Riviera Filipina, Inc vs. CA
Policitation et.al. GR No. 117355, April 5, 2002).
An unaccepted unilateral promise to The basis of the right of first refusal
buy or sell. Even if accepted by the must be the current offer to sell of
other party, it does not bind the the seller or offer to purchase of any
promissor and maybe withdrawn prospective buyer. Only after the
anytime. This is a mere offer, and optionee fails to exercise its right of
has not yet been converted into a first priority under the same terms
contract. and within the period contemplated
could the owner validly offer to sell
Option contract the property to a third person,
A contract granting a privilege in one again, under the same terms as
person, for which he has paid a offered to the optionee (Paranaque
consideration, which gives him the Kings Enterprises, Inc. vs. CA GR No.
right to buy certain merchandise, at 111538, February 26, 1997)
anytime within the agreed period, at The lessee’s right of first option to
a fixed price. buy the leased property in case of its
An option without consideration is sale is but a part of the bigger right
void and the effect is the same as if to lease the said property from the
there was no option lessor. The option was given to the
* However, in Sanchez vs. Rigos (1972), lessee because she was the lessee of
even though the option was not the subject property. It was a
supported by a consideration, the component of the consideration of
moment it was accepted, a perfected the lease. The option was by no
contract of sale resulted, applying Art. means an independent right which
1324 of the NCC. In view of the ruling of can be exercised by the lessee. If
the Supreme Court, the only importance the lessee is barred by the contract
of the consideration for an option is that from assigning her right to lease the
the option cannot be withdrawn by the subject property to any other party,
grantor after acceptance. the lessee is similarly barred to
* In an option to buy, the party who has assign her first option to buy the
an option may validly and effectively leased property to another.
exercise his right by merely notifying the (Bangayan et.al vs. CA and Lim GR
owner of the former’s decision to buy No.123581, August 29, 1997)
and expressing his readiness to pay the
stipulated price. Earnest money – or “ARRAS” is
something of value to show that the
Right of First Refusal buyer was really in earnest, and given to
It is a right of first priority all things the seller to bind the bargain. It is
and conditions being equal; there considered as:
should be identity of the terms and a) part of the purchase price
conditions to be offered to the b) proof of perfection of the
optionee and all other prospective contract
buyers, with optionee to enjoy the *It shall be deducted from the total
right of first priority. A deed of sale price.
executed in favor of a third party
who cannot be deemed a purchaser Earnest money Option money
in good faith, and which is in 1. Title passes to 1. Ownership is
violation of the of the right of first the buyer upon reserved to the
delivery of the seller and is not to
refusal granted to the optionee is
thing sold pass until full
NOT voidable under the Statute of payment
Frauds, such contract is valid BUT
rescissible under Article 1380 to
USJ-R School of Law 1
NOTE: While those disqualified 5. Pay for the expenses of the deed of
under Arts. 1490 and 1491 may sale, unless there is stipulation to
not become lessees (Art. 1646), the contrary
still aliens may become lessees
even if they cannot buy lands. DELIVERY
Is a mode of acquiring ownership, as
Effect of violation: a consequence of certain contracts
a) With respect to nos. 1 to 3: the such as sale, by virtue of which,
sale is VOIDABLE. actually or constructively, the object
Reason: only private rights, is placed in the control and
which are subject to ratification possession of the vendee.
are violated
NOTE: In the case of Lao vs. Delivery of the thing together
Genato, 137 SCRA 77, the with the payment of the price,
Supreme Court found that the marks the consummation of the
sale by the administrator of contract of sale(PNB vs. Ling, 69
certain properties of the estate Phil. 611)
in order to settle the existing In all forms of delivery, it is
obligations of the estate was
necessary that the act of
made to the administrator’s son
delivery be coupled with the
for a grossly low price.
intention of delivering the thing.
Furthermore, the said sale was
The act without the intention is
not submitted to the probate
insufficient. (Norkis Distributor,
court for approval as mandated
Inc. vs. CA, 195 SCRA 694)
by the order authorizing the
administrator to sell. The sale
was indubitably illegal, irregular
Kinds:
and fictitious, and the court’s 1. Actual or real – placing the thing
approval of the assailed under the control and possession of
compromise agreement violated the buyer.
Article 1491 and cannot work to 2. Legal or constructive – delivery is
ratify a fictitious contract which represented by other signs or acts
is non-existent and void from indicative thereof
the very beginning a. delivery by the execution of a
b) With respect to nos. 4 to 6: the public instrument.
sale is NULL AND VOID. NOTE: Gives rise only to a prima
Reason: violation of public facie presumption of delivery which
policy cannot be subject to is destroyed when actual delivery is
ratification not effected because of a legal
impediment (Ten Forty Realty vs.
OBLIGATIONS OF THE VENDOR: (WPD- Cruz, 10 Sept. 2003)
TT) b. traditio symbolica - to effect
1. Transfer ownership (cannot be delivery, the parties make use of
waived) a token or symbol to represent
2. Deliver the thing sold (cannot be the thing delivered
waived) c. traditio longa manu – seller
3. Warrant against eviction and against pointing out to the buyer the
hidden defects (can be waived or things which are transferred,
modified since warranty is not an which at the time must be in
essential element of the contract sight.
of sale) d. traditio brevi manu – buyer
4. Take care of the thing, pending simply continues in possession of
delivery, with proper diligence the thing but under title of
(Article 1163) ownership.
e. traditio constitutum
possessorium – seller continues
USJ-R School of Law 1
enriched himself at the expense of in the thing sold, even though he was
the vendee not aware thereof.
If the vendor acted in bad faith:
vendor shall pay damages to the Caveat Emptor (“Let the buyer
vendee beware”): requires the purchaser to be
aware of the supposed title of the
C. Implied Warranties of Quality vendor and one who buys without
Warranty of Fitness checking the vendor’s title takes all the
Warranty in which the seller risks and losses consequent to such
guarantees that the thing sold is failure.
reasonably fit for the known
particular purpose for which it was RULES IN CASE OF SALE OF ANIMALS
acquired by the buyer 1. When two or more animals have been
sold at the same time and the
GENERAL RULE: There is no implied redhibitory defect is in one, or some of
warranty as to the quality or fitness for them but not in all, the general rule is
any particular purpose of goods under a that the redhibition will not affect the
contract of sale others without it. It is immaterial
EXCEPTIONS: whether the price has been fixed for a
1. Where the buyer, expressly or by lump sum for all the animals or for a
implication manifests to the separate price for each.
seller the particular purpose for 2. No warranty against hidden defects
which the goods are required of animals sold at fairs or at public
2. Where the buyer relies upon the auctions, or of livestock sold as
seller’s skill or judgment condemned. This is based on the
assumption that the defects must have
Warranty of Merchantability been clearly known to the buyer.
Warranty in which the seller 3. Sale of animals shall be void when:
a) animals sold are suffering from
guarantees, where the goods were
contagious disease
bought by description, that they are
b) if the use or service for which
reasonably fit for the general
they are acquired has been stated in the
purpose for which they are sold
contract, and they are found to be unfit
It requires identity between what is therefor
described in the contract AND what 4. Limitation of the action: 40 days
is tendered, in the sense that the from the date of their delivery to the
latter is of such quality to have some vendee
value 5. Vendor shall be liable if the animal
should die within 3 days after its
Instances where implied warranties are purchase if the disease which caused the
inapplicable: death existed at the time of the contract
1. As is and where is sale - vendor
makes no warranty as to the quality OBLIGATIONS OF THE VENDEE:
or workable condition of the goods, A. Principal Obligations:
and that the vendee takes them in 1. To accept delivery
the condition in which they are 2. To pay the price of the thing sold in
found and from the place where they legal tender unless another mode
are located. has been agreed upon
2. Sale of second-hand articles NOTE: A grace period granted the
3. Sale by virtue of authority in fact or vendee in case of failure to pay the
law amount/s due is a right not an
obligation. The grace period must not
Caveat Venditor (“Let the seller be likened to an obligation, the non-
beware”): the vendor is liable to the payment of which, under Article 1169 of
vendee for any hidden faults or defects the Civil Code, would still generally
require judicial or extra-judicial demand
USJ-R School of Law 1
before “default” can be said to arise at the moment the contract was
(Bricktown Dev’t Corp vs. Amor Tierra perfected (Article 1251)
Dev’t Corp. 57SCRA437) 5. If only the time for delivery has been
fixed in the contract, the vendee is
B. Other Obligations required to pay even before the
1. To take care of the goods without thing is delivered to him; if only the
the obligation to return, where the time for payment has been fixed,
goods are delivered to the buyer and the vendee is entitled to delivery
he rightfully refuses to accept even before the price is paid by him
(Article 1524)
NOTES:
The buyer in such a case is in the Ways of accepting goods:
position of a bailee who has had 1. Express acceptance
goods thrust upon him without 2. Implied acceptance
his assent. He has the obligation a. When buyer does an act which
to take reasonable care of the only an owner can do,
goods but nothing more can be b. Failure to return goods after
demanded of him. reasonable lapse of time
The goods in the buyer’s
possession under these NOTES:
circumstances are at the seller’s The retention of goods is strong
risk evidence that the buyer has
2. To be liable as a depositary if he accepted ownership of the goods.
voluntarily constituted himself as Delivery and acceptance are two
such separate and distinct acts of
3. To pay interest for the period different parties
between delivery of the thing and Delivery is an act of the vendor
the payment of the price in the and one of the vendor’s
following cases: obligations; vendee has nothing
a. Should it have been stipulated to do with the act of delivery by
b. Should the thing sold and the vendor
delivered produce fruits or Acceptance is an obligation of
income the vendee; acceptance cannot
c. Should he be in default, from be regarded as a condition to
the time of judicial or extra- complete delivery;
judicial demand for the payment seller must comply with the
of the price obligation to deliver although
there is no acceptance yet by
Pertinent Rules: the buyer
1. The vendor is not required to deliver Acceptance by the buyer may
the thing sold until the price is paid
precede actual delivery; there may
nor the vendee to pay the price
be actual receipt without
before the thing is delivered in the
acceptance and there may be
absence of an agreement to the
acceptance without receipt
contrary (Article 1524).
2. If stipulated, the vendee is bound to
Unless otherwise agreed upon,
accept delivery and to pay the price acceptance of the goods by the
at the time and place designated; buyer does not discharge the seller
3. If there is no stipulation as to the from liability for damages or other
time and place of payment and legal remedy like for breach of any
delivery, the vendee is bound to pay promise or warranty
at the time and place of delivery
4. In the absence of stipulation as to When vendee may suspend payment of
the place of delivery, it shall be the price:
made wherever the thing might be 1. If he is disturbed in the possession or
ownership of the thing bought
USJ-R School of Law 1
2. If he has well-grounded fear that his 1. Action for specific performance (Art.
possession or ownership would be 1598)
disturbed by a vindicatory action or 2. Action for rescission or damages for
foreclosure of mortgage breach of warranty (Art 1599)
4. In the case of the second and subject of the installment sale (Ridad
third remedies, that there has vs. Filipinas investment and Finance
been a failure to pay two or Corp. GR 39806, Jan. 28, 1983)
more installments If the vendor assigns his right to a
NOTE: Apply likewise to contracts financing company, the latter may be
purporting to be leases of personal regarded as a collecting agency of the
property with option to buy vendor and cannot therefore recover any
Art. 1484 does not apply to a sale: deficiency from the vendee (Zayas vs.
1. Payable on straight terms (partly Luneta Motors Co.)
in cash and partly in one term) When the vendor assigns his credit to
2. Of Real property another person, the latter is likewise
Remedies: bound by the same law. Accordingly,
1. Specific performance upon when the assignee forecloses on the
vendee’s failure to pay mortgage, there can be no further
NOTE: Does not bar full recovery for recovery of the deficiency and the
judgment secured may be executed vendor-mortgagee is deemed to have
on all personal and real properties of renounced any right thereto (Borbon II
the buyer which are not exempt vs. Servicewide Specialist, Inc.
from execution (Palma v. CA.) 258SCRA658)
2. Rescission of the sale if vendee NOTE: However, Article 1484(3) does
shall have failed to pay two or NOT bar one to whom the vendor has
more installments assigned on with a recourse basis his
NOTES: credit against the vendee from
Nature of the remedy – which recovering from the vendor the
requires mutual restitution – bars assigned credit in full although the
further action on the purchase vendor may have no right of recovery
price (Nonato vs. IAC.) against the vendee for the deficiency
GENERAL RULE: cancellation (Filipinas Invest. & Finance Corp. vs.
of sale requires mutual Vitug, Jr. 28SCRA658)
restitution, that is all partial
payments of price or rents must NOTE: Remedies are alternative and
be returned exclusive
EXCEPTIONS: a stipulation that
the installments or rents paid IN CASE OF IMMOVABLES
shall not be returned to the 1. Ordinary Remedies
vendee or lessee shall be valid a. In case of anticipatory breach –
insofar as the same may not be rescission (Article 1591)
unconscionable under the b. Failure to pay the purchase price
circumstan-ces (Article 1486). –
3. Foreclosure of the chattel rescission upon judicial or
mortgage on the thing sold if notarial demand for
vendee shall have failed to pay rescission (Article 1592)
two or more installments. In this the vendee may pay, even
case, there shall be no further after the expiration of the
action against the purchaser to period, as long as no demand
recover unpaid balance of the for rescission has been made
price. upon him
NOTE: Article 1592 does not
NOTES: apply to:
Further recovery barred only from 1) Sale on instalment of real
the time of actual sale at public auction estate
conducted pursuant to foreclosure 2) Contract to sell
(Macondray vs. Tan.) 3) Conditional sale
Other chattels given as security
cannot be foreclosed if they are not
USJ-R School of Law 1
contract, but for the surety to Corp. vs. Salik, 188 SCRA
see to it that the principal 740)
debtor pays or performs
(Paramount Insurance Corp vs 4. Surety is not entitled to the
CA, 310 SCRA 377) benefit of exhaustion
NOTE: He assumes a solidary
Nature of Surety’s undertaking: liability for the fulfilment of
the principal obligation
1. Liability is contractual and (Towers Assurance Corp vs.
accessory but direct Ororama Supermart, 80 SCRA
NOTE: He directly, primarily 262) as an original promissory
and equally binds himself with and debtor from the
the principal as original beginning.
promisor, although he 5. Undertaking is to creditor and
possesses no direct or personal not to debtor.
interest over the latter’s NOTE: The surety makes no
obligation, nor does he receive covenant or agreement with
any benefits therefrom. (PNB the principal that it will fulfil
vs CA, 198 SCRA 767) the obligation guaranteed for
2. Liability limited by the terms the benefit of the principal.
of the contract. Such a promise is not implied
NOTE: It cannot be extended by law either; and this is true
by implication beyond the even where under the contract
terms of the contract (PNB vs the creditor is given the right
CA, 198 SCRA 767) to sue the principal, or the
3. Liability arises only if latter and the surety at the
principal debtor is held liable. same time. (Arranz vs. Manila
NOTES: Fidelity & Surety Co., Inc.,
The creditor may sue 101 Phil. 272)
separately or together the 6. Surety is not entitled to
principal debtor and the notice of principal’s default
surety. Where there are NOTE: The creditor owes no
several sureties, the duty of active diligence to
obligee may proceed take care of the interest of
against any one of them. the surety and the surety is
In the absence of collusion, bound to take notice of the
the surety is bound by a principal’s default and to
judgment against the perform the obligation. He
principal even though he cannot complain that the
was not a party to the creditor has not notified him
proceedings. The nature of in the absence of a special
its undertaking makes it agreement to that effect.
privy to all proceedings (Palmares vs CA, 288 SCRA
against its principal 422)
(Finman General Assurance 7. Prior demand by the creditor
upon principal is not required
USJ-R School of Law 1
NOTES:
The Mortgagor and Mortgagee Redemption
have no right to waive the It is the transaction by which
posting and publication the mortgagor reacquires or
requirements under Act. No. buys back the property which
3135. Notices are given to may have passed under the
secure bidders and prevent a mortgage, or divests the
sacrifice of the property. property of the lien which the
Clearly, the statutory mortgage may have created.
requirements of posting and
publication are mandated, not NOTES:
for the mortgagor’s benefit, A sale by the mortgagor to a
but for the public or third third party of the mortgaged
persons. Failure to comply property during the period for
with the statutory redemption transfers only the
requirements as to publication right to redeem the property
of notice of auction sale and the right to possess, use
constitutes a jurisdictional and enjoy the same during
defect which invalidates the said period.
sale.Lack of republication of Where sale with assumption of
notice of foreclosure sale mortgage not registered and
made subsequently after the made without the consent of
original date renders such sale the mortgagee, the buyer,
USJ-R School of Law 1
up to the time of
redemption
2. Mortgagee is a bank (GBL
2000)
a. amount due under the
mortgage deed
b. interest
c. cost and expenses
NOTE: Redemption price in
this case is reduced by the
income received from the
property