BUSS LAWS & REGULATIONS

1.A contract whereby one of the parties (called the seller or vendor) obligates himself
to deliver something to the other (called the buyer or purchaser or vendee) who, on
his part, binds himself to pay therefore a sum of money or its equivalentSingle line
text.
(2/2 Points)

2.Goods of which any unit is, from its nature or by mercantile usage, treated as the
equivalent of any other unit such as grain, oil, wine, gasoline, etcSingle line text.
(2/2 Points)

3. Those which are deemed to exist in certain contracts, in the absence of any contrary
stipulations like warranty against eviction or hidden defects .Single line text.
(2/2 Points)

4.Sale that contemplates a contingency and in general where the contract is subject to
certain conditions, usually the full payment of the purchase priceSingle line text.
(2/2 Points)

5.Applies to a sale not yet perfected; would-be-buyer is not required to buy when he
gives option money , and money given as distinct consideration for the option
contract.Single line text.
(2/2 Points)

6. It is part of Purchase Price; given only where there is a sale , and money is given;
buyer is bound to pay the balance.Single line text.
(2/2 Points)

7.Characteristic of a contract perfected by mere consent without further act.Single line

text.
(2/2 Points)

8.Characteristic of contract wherein thing sold is considered the equivalent of the price
paid and vice versa .Single line text.
(2/2 Points)
9.Things which are needed for sustenance, dwelling, clothing and medical attendance,
in keeping with the financial capacity of the family of the incapacitated person.Single
line text.
(2/2 Points)

10.A contract whereby the parties, by reciprocal concessions, avoid a litigation or put
an end to one already commenced.Single line text.
(2/2 Points)

Correct answers: Comprise
11.Discuss the effect of a contract when the thing sold has been lost.Single line text.
(10/10 Points)

THE EFFECT OF A CONTRACT WHEN THE THING SOLD HAS BEEN LOST TOTALLY, THE CONTRACT IS
INEXISTENT AND VOID. IT IS BECAUSE THERE IS NO OBJECT AND IF IT LOST PARTIALLY , THE VENDEE
MAY WITHDRAW FROM THE CONTRACT OR DEMAND THE REMAINING PART, PAYING ITS
PROPORTIONATE PRICE
12.Explain the obligations of a vendor who is not the owner of goods sold.Single line
text.
(10/10 Points)

THE OBLIGATION OF A VENDOR WHO IS NOT THE OWNER OF GOODS SOLD IS WHEN GOODS ARE SOLD
BY A PERSON WHO IS NOT THE OWNER THEREOF AND WHO DOES NOT SELL THEM UNDER THE
AUTHORITY OR WITH THE CONSENT OF THE OWNER, THE BUYER ACQUIRES NO BETTER TITLE TO THE
GOODS THAN THE SELLER HAD, UNLESS THE OWNER OF THE GOODS IS BY HIS CONDUCT PRECLUDED
FROM DENYING THE SELLERS AUTHORITY TO SELL.
13.Distinguish "Sale or return” and “Sale on Trial".Single line text.
(10/10 Points)

THE DISTINGUISHMENT BETWEEN SALE OR RETURN AND SALE ON TRIAL IS THAT SALE OR RETURN, IT IS A
CONTRACT BY WHICH PROPERTY IS SOLD BUT THE BUYER, WHO BECOMES THE OWNER OF THE PROPERTY ON
DELIVERY, HAS THE OPTION TO RETURN THE SAME TO THE SELLER INSTEAD OF PAYING THE PRICE. UNDER
THIS CONTRACT, THE OPRTION TO PURCHASE OR RETURN THE GOODS RESTS ENTIRELY ON THE BUYER
WITHOUT REFERENCE TO THE QUALITY OF THE GOODS. AND THE SALE ON TRIAL, IT IS A CONTRACT IN THE
NATURE OF AN OPTION TO RETURN IF THE GOODS PROVE SATISFACTORY, THE APPROVAL OF THE BUYER
BEING A CONDITION PRECEDENT. IN THIS KIND OF CONTRACT, TITLE SHALL CONTINUE IN THE SELLER UNTIL
THE SALE HAS BECOME ABSOLUTE EITHER BY THE BUYER'S APPROVAL OF THE GOODS, OR BY HIS FAILING TO
COMPLY WITH EXPRESS OF IMPLIED CONDITIONS OF THE CONTRACT AS TO GIVING NOTICE OF
DISSATISFACTION OR AS TO RETURNING GOODS.