TERMS UNDER LAW SALES (Article 1458-1637)

1. Sales-transfer of something (and title to it) in return for money (or other thing of value) on ter
ms agreed upon between buyer and seller. The price paid may be based on a posted cost, establ
ished by negotiation between seller and buyer, or by auction with potential buyers bidding until 
the highest bid is accepted by the seller or his agent (auctioneer).
2. Consent- refers to the acceptance or comprehension of the relevant parties concerning
a suggested agreement. Consent is the third component of a business agreement.
The consent of a party to the contract must be authentic and non-compulsory.

3. Object-The consideration or object of an agreement is lawful unless it is forbidden

by law; or is of such a nature that if permitted, it would defeat the provisions of any law;
or is fraudulent; or involves or implies injury to the person or property of another; or the
court regards it as immoral.
4. Cause-
5. Consensual-perfected by mere consent without anu further act.
6. Bilateral-
both contracting parties are bound to fulfill correlative obligations towards
each other.
7. Reciprocal
-
8. Principal-it does not depend for its existence and validity upon another
contract.
9. Onerous- the thing sold is conveyed in consideration of the price paid and
vice versa.
10. Commutative- the thing sold is considered the equivalent of the price paid
and vice versa.

11. Nominate-it is given special name or designation in the civil code.

12. Vendee-one to whom a thing is sold : buyer. Vendée
13. Vendor-a person or company offering something for sale, especially a trader in the
street.
14. Buyer-a person who makes a purchase.
15. Seller-a person who sells something.
16. Contract of Sale-A contract of sale is a contract or agreement wherein one party
(seller/vendor) obligates himself to deliver and transfer something to the other party
(buyer/vendee/purchaser), who, on his part, obligates himself to pay the price.
17. Contract to Sell-a formal agreement in which a person, company, etc. agrees
to sell something to a buyer at a time in the future, and the buyer agrees to buy it: A
conditional contract is similar to a normal contract to sell, except that the contract is
subject to the fulfilment of certain conditions.
Emptio res speratae (sale of a thing having a potential existence)

maybe d object of the contract of sale.

There maybe a valid sale of a thing, which though not yet in existence, is reasonably cerrain
to come into existence as da natural increment or usual incident of something already in
existence , & then belonging to da vendor , & da title will vest in da buyer da moment da
thing comes into existence.
~
Ex:
1.) Wine is expected to be produced by a vineyard.
2.) The future wool grown on a sheep.
3.) Milk & butter to be produced in da future from cows.
4.) The good will of trade.
18. Emptio spei (sale of a hope)

neither da thing nor its quantity & quality are certain to exist.
~
Ex: Sale of sweepstakes or raffle ticket that is yet to be drawn.

19. Res Perit Domino

The thing is lost to the owner. This phrase is used to express that when a thing is lost or
destroyed, it is lost to the person who was the owner of it at the time

20. Earnest Money

 An earnest money or "arras" is usually given by the prospective buyer to the seller. This
is to show that the buyer is interested in purchasing the property. The main purpose of
the earnest money is to bind the bargain. It is also considered as part of the purchase
price and will be deducted from the total price. Once the earnest money is given to the
seller, it will perfect the contract of sale. A payment will only be considered an earnest
money if it constitutes as part of the purchase price. The money will be refunded if the
sale did not push through. 

21. Realty Installment Buyer Protection Act 

The government through the said law seeks to protect buyers of real estate on
installment payments against onerous and oppressive conditions. It also describes the
rights of a buyer defaulting in payments for such purchases.

22. Stoppage in transit

23. Right of Resale

24. Movables
25. Immovables
26. Prius tempore, potior jure (first in time, stronger in right)
27. Accion redhibitoria (action to void the sale on account of vice or defect)
28. Accion quanti minoris (action to procure the return of a part of the
purchase price paid)
29. Legal redemption
30. Redemption
31. Pre-emption

TERMS UNDER LAW BARTER OR EXCHANGE (Article 1638-1641)

1. Barter