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  • Rflib in A Nutshell

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    Zophia Queen A. Cambel
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    The document contains 5 tables that summarize key differences between various types of contracts: Table 1 compares a sale contract to an agency contract to sell, noting that in a sale the buyer gains title to the goods upon delivery, while in an agency contract the principal retains title. Table 2 distinguishes between a sale contract, where consideration is money, versus a barter contract, where consideration is another item of value exchanged for goods. Table 3 contrasts a standard sale of manufactured goods versus a contract for custom work, where goods are made specifically for a customer rather than for general market. Table 4 outlines the differences between a standard sale that creates new obligations and a dation in payment that extinguishes pre

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    Rflib in a Nutshell

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    The document contains 5 tables that summarize key differences between various types of contracts: Table 1 compares a sale contract to an agency contract to sell, noting that in a sale the buyer gains title to the goods upon delivery, while in an agency contract the principal retains title. Table 2 distinguishes between a sale contract, where consideration is money, versus a barter contract, where consideration is another item of value exchanged for goods. Table 3 contrasts a standard sale of manufactured goods versus a contract for custom work, where goods are made specifically for a customer rather than for general market. Table 4 outlines the differences between a standard sale that creates new obligations and a dation in payment that extinguishes pre

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    © All Rights Reserved
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    27 views2 pages

    Rflib in A Nutshell

    Uploaded by

    Zophia Queen A. Cambel
    The document contains 5 tables that summarize key differences between various types of contracts: Table 1 compares a sale contract to an agency contract to sell, noting that in a sale the buyer gains title to the goods upon delivery, while in an agency contract the principal retains title. Table 2 distinguishes between a sale contract, where consideration is money, versus a barter contract, where consideration is another item of value exchanged for goods. Table 3 contrasts a standard sale of manufactured goods versus a contract for custom work, where goods are made specifically for a customer rather than for general market. Table 4 outlines the differences between a standard sale that creates new obligations and a dation in payment that extinguishes pre

    Copyright:

    © All Rights Reserved
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    of 2

    Table 1

    Sale Agency to sell

    Title of the goods is transferred to the Title to the goods is retained by the owner
    buyer upon delivery of the thing sold. despite the delivery of the goods to the
    agent.
    The buyer is required to pay the price The agent is required to turn over to the
    principal the price of the goods which he
    received from the buyer.
    The buyer of the property may do with the The principal retains control of the
    property as pleases. property.

    Table 2
    Sale Barter
    The cause or consideration is in money. The cause or consideration is another
    thing. Paid in goods or merchandise,
    susceptible of valuation.

    The contract became one of sale if the The contract is one of the barter if the
    monetary consideration is more than or value of the thing given as part of the
    equal of the thing given as a part of the consideration exceeds the monetary
    payment. consideration.

    Table 3
    Sale Contract for a piece of work

    The subject matter in the contract of sale The goods or the subject matter are to be
    is manufactured in an ordinary course of manufactured specially for the customer
    business or procure for the general and upon his special order and not for the
    market. Whether the same is on hand or general market.
    not.
    Even though the contractor distributes The contractor may either employ his labor
    labor in manufacturing the item, the sale or skill, or also furnish the materials.
    of the item is the primary objective and not
    the services.
    Bound with the Statute of Frauds Not bound with the statute of Frauds
    Table 4
    Sale Dation in payment
    There is no pre-existing credit There is a pre-existing credit.

    Sale creates obligation Extinguishes obligations

    There is freedom in fixing the price Less freedom in fixing the price because
    the amount is coming from the
    preexisting credit.

    The cause or consideration is the price, The cause of consideration is the


    from the seller’s point of view; and the extinguishment of the obligation, from the
    delivery of the object, from the buyer’s debtor’s point of view; and the delivery of
    point of view. the object given in place of the credit,
    from the creditor’s point of view.

    Bonus table
    Earnest money Option money
    Earnest money is the money given as It is not a sale of the right to purchase.
    part of the purchase price and as proof of Option money is the consideration paid for
    the perfection of the contract. the purpose of holding one to his promise.

    Earnest money is treated as something of Option money is distinct from the


    value to show that the buyer was really in purchase price.
    earnest to the seller to bind the bargain.
    Earnest money is paid upon the perfection Option money is paid for a sale that is yet
    of a contract of sale. to be perfected.

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