Professional Documents
Culture Documents
S
JUNE 16, 2016
Questions
(1) What are the essential elements of contract of
sale? Discuss each element.
The essential elements of a contract of sale are the
following:
a.) Consent or meeting of the minds of the parties;
- consent to transfer ownership in exchange for
the price.
b) Determinate subject matter;
- generally, there is no sale of generic things;
moreover, if the parties differ as to the object ,
there can be no meeting of the minds
c) Price certain in money or its equivalent
- this is the cause or the consideration
- The subject of this action is Lot 17, Block 5 of the Ayala Alabang
Village, Muntinlupa, Metro-Manila, with an area of 569 square
meters and covered by TCT No. S-79773. The above parcel of land
was purchased by the Salvador spouses from the developers of Ayala
Alabang, subject among others, to the following conditions:--It is
part ofthe condition of buying a lotin Ayala Alabang Village (a)
that the lotbuyer shall deposit with Ayala Corporation a cash bond
(about P17,000.00 for the Salvadors) which shall be refunded to him
if he builds a residence thereon within two (2) years of purchase,
otherwise the deposit shall be forfeited, (b)architectural plans for
any improvement shall be approved by Ayala Corporation, and (c) no
lot may be resold by the buyer unless aresidential house has been
constructed thereon (Ayala Corporation keeps the Torrens Title in
their [sic] possession). Salvadors sold the parcel of land to Bernabe
spouses. Salvadors executed a special power of attorney
CONTRACT OF SALE
-title passes to the buyer upon delivery of the thing
sold
CONTRACT TO SELL
-ownership is reserved in the seller and isnot to
pass until the full
Payment of the purchase price is made. (Torcuator
vs Bernabe)
be
for
his
for
DACION EN PAGO
1. There is no pre-existing
credit.
2.
Gives
rise
to
obligations.
3.
The
cause
or
consideration here is the
price, from the viewpoint
of the seller; or the
obtaining of the object,
from the viewpoint of the
buyer.
4.
There
is
greater
freedom
in
the
determination of the price.
5. The giving of the price
may generally end the
obligation of the buyer
1. There is a pre-existing
credit.
2. Extinguishes obligations.
3.
The
cause
or
consideration here, from the
viewpoint of the person
offering the dacion en pago,
is the extinguishing of his
debt; from the viewpoint of
the creditor, it is the
acquisition of the object
offered in lieu of the original
credit.
4. There is less freedom in
determining the price.
5. The giving of the object
in
FIN