law on sale

• P went back to the lotto outlet to claim refund saying that this system was a scam.
• A contract of sale is a contract where one party obligates himself to transfer the ownership and deliver a determinate thing, and the other party to pay therefor a price certain in money or its equivalent.
• A contract of sale is perfected by mere consent.
• Consensual contracts are those which may be perfected by mere consent of the parties.
• Real contracts are those that require delivery of the object before perfection.
• Solemn or Formal contracts are those where the legal formalities set by law need to be complied first before it can be considered a perfected one.
• Negotiation is the time the prospective contracting parties indicate interest in the contract to the time the contract is perfected.
• Perfection in a contract of sale occurs upon the concurrence of the essential elements of the sale, which is the meeting of the minds of the parties as to the object of the contract and upon the price.
• Consummation in a contract of sale is when the parties perform their respective undertakings under the contract of sale until its extinguishment.
• Negotiation in a contract of sale is the time the prospective contracting parties indicate interest in the contract to the time the contract is perfected.
• A person cannot sell what he does not have or own, exceptions include sale of a thing having potential existence, sale of future goods, and contract for delivery at a certain price of an article which the vendor in the ordinary course of business manufactures or procures for the general market, whether the same is on hand at the time or not.
• The object/subject matter of a contract must be lawful, within the commerce of men, and if a thing can be possessed, acquired, or transferred.
• A contract of sale is valid if the object/subject matter is licit, determinate, within the commerce of men, and the vendor has a right to transfer the ownership at the time of delivery.
• The object/subject matter of a contract must be licit, determinate, and within the commerce of men.
• A contract of sale is valid if the object/subject matter is licit, determinate, within the commerce
• Consent to transfer ownership in exchange for the price is the merger of a definitive offer and an unqualified acceptance as to object, price certain and manner of payment.
• Consent is the meeting of the minds as to the offer and acceptance upon the determinate thing and the consideration.
• Acceptance must be absolute and must not be coupled with conditions, otherwise, it is a mere counter-offer.
• The vendor must have a right to transfer the ownership at the time of delivery.
• Contract of Sale is perfected at the moment there is a meeting of minds upon the thing which is the object of the contract and upon the price.
• From that moment, parties may reciprocally demand performance.
• When parties are face-to-face, the contract of sale is perfected when offer is accepted without conditions and without qualifications.
• If the contract of sale is made through correspondence, it is perfected when the offeror receives/has knowledge of the acceptance by the offeree.
• Stipulation that the installments or rents paid shall not be returned to the vendee or lessee is valid, if not unconscionable.
• The expropriation of property for public use is governed by special laws.
• The expenses for the execution and registration of the sale shall be borne by the vendor, unless there is a stipulation to the contrary.
• Pending knowledge of acceptance, the seller may still withdraw.
• If goods are sold by auction in lots, each lot is the subject of a separate contract of sale.
• The contract of sale is perfected when the auctioneer announces its perfection by the fall of the hammer or in other customary manner.
• Before the fall of the hammer, the bidder may retract his bid, the auctioneer may withdraw the goods from the sale, and the bid by the seller or his/her representative is provided the right to bid was reserved and notice was given that sale by auction is subject to such right.
• Ownership of the thing sold shall be transferred to the vendee upon actual delivery.
• Parties may stipulate that ownership shall not pass until price is fully paid, for example, in a sale on installment plan.
• Innocent third parties cannot be prejudiced by the stipulation.
• When earnest money is given, the buyer is bound to pay the balance.
• When the would be buyer gives option money, he is not required to buy.
• The offer and the acceptance are concurrent, since the minds of the contracting parties meet in the terms of the agreement.
• An option contract states the terms and conditions on which the owner is willing to sell within the time limited.
• A contract of sale may be made in writing, by word of mouth, partly in writing and partly by word of mouth, or may be inferred from the conduct of the parties.
• Earnest money applies to a sale not yet perfected.
• Sale by description and sample must satisfy the requirement in both.