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    Art. 1458 Art. 1478 Art. 1461 Art. 1479: Emptio Rei Speratae Emptio Sipei

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    rgtan3
    The document compares and contrasts four types of sales contracts: 1) Contract of sale, 2) Contract to sell, 3) Conditional contract of sale, and 4) Option contract. A contract of sale involves the immediate transfer of ownership for a price. A contract to sell reserves ownership until full payment. A conditional contract of sale transfers ownership if a future event occurs. An option contract creates the right but not obligation to purchase for separate consideration.

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    Art. 1458 Art. 1478 Art. 1461 Art. 1479: Emptio Rei Speratae Emptio Sipei

    Uploaded by

    rgtan3
    26 views2 pages
    The document compares and contrasts four types of sales contracts: 1) Contract of sale, 2) Contract to sell, 3) Conditional contract of sale, and 4) Option contract. A contract of sale involves the immediate transfer of ownership for a price. A contract to sell reserves ownership until full payment. A conditional contract of sale transfers ownership if a future event occurs. An option contract creates the right but not obligation to purchase for separate consideration.

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    comparisons sales

    Original Title

    Comparisons Sales

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    The document compares and contrasts four types of sales contracts: 1) Contract of sale, 2) Contract to sell, 3) Conditional contract of sale, and 4) Option contract. A contract of sale involves the immediate transfer of ownership for a price. A contract to sell reserves ownership until full payment. A conditional contract of sale transfers ownership if a future event occurs. An option contract creates the right but not obligation to purchase for separate consideration.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    26 views2 pages

    Art. 1458 Art. 1478 Art. 1461 Art. 1479: Emptio Rei Speratae Emptio Sipei

    Uploaded by

    rgtan3
    The document compares and contrasts four types of sales contracts: 1) Contract of sale, 2) Contract to sell, 3) Conditional contract of sale, and 4) Option contract. A contract of sale involves the immediate transfer of ownership for a price. A contract to sell reserves ownership until full payment. A conditional contract of sale transfers ownership if a future event occurs. An option contract creates the right but not obligation to purchase for separate consideration.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 2

    COMPARISONS

    CONTRACT OF SALE CONTRACT TO SELL CONDITIONAL CONTRACT OF OPTION CONTRACT


    SALE
    DEFINITION Art. 1458 By the contract Art. 1478 The parties may Art. 1461 Things having a Art. 1479 A promise to
    of sale one of the stipulate that ownership in potential existence may be the buy and sell a
    contracting parties the thing shall not pass to object of the contract of sale. determinate thing for a
    obligates himself to the purchaser until he has price certain is
    transfer the ownership fully paid the price. The efficacy of the sale of a reciprocally demandable.
    and to deliver a mere hope or expectancy is
    determinate thing, and the deemed subject to the condition An accepted unilateral
    other to pay therefor a that the thing will come into promise to buy or to sell a
    price certain in money or existence. determinate thing for a
    its equivalent. price certain is binding
    The sale of a vain hope or upon the promissor if the
    A contract of sale may be expectancy is void. promise is supported by a
    absolute or conditional. consideration distinct from
    the price.

    WHAT TO LOOK Essential elements of the Express reservation of Payment of option money
    FOR contract right to ownership until
    payment of full purchase
    price

    Emptio rei Emptio sipei


    speratae
    OBJECT Definite/ Licit Thing Future thing Hope/ The option right to the
    that will expectancy; unaccepted unilateral
    definitely Thing that may offer to buy/ sell
    come into or may not
    existence come into
    existence
    CONSIDERATION Price Option money (separate
    (including agreed manner from the price paid)
    of payment)

    PERFECTION Meeting of the minds Meeting of the minds Meeting of the minds Meeting of the minds
    CONSUMMATION GR: Actual or constructive [THIS BECOMES A SALE [THIS BECOMES A SALE [THIS BECOMES A SALE
    delivery (transfer of WHEN:] WHEN:] WHEN:]
    ownership: delivery)
    When vendee pays full The happening of the condition Election of the option;
    purchase price Notice to the owner of the
    decision

    FORM Written/ oral Written/ oral Written/ oral Written/ oral

    X: Needed form by law


    (Statute of Frauds;
    Agents; Cattle; Auction)

    REMEDY FOR Rescission/ Specific [NO BREACH; only [AFTER FULFILLMENT OF [If no period; Court may
    BREACH Performance; w damages failure to meet the CONDITION] fix the period]
    condition]
    Rescission/ Specific [AFTER ACCEPTANCE]
    Performance; w damages
    Rescission/ Specific
    Performance; w damages

    REMEDY FOR SALE Good Faith: Damages [Despite fulfillment of Good Faith: Damages Good Faith: Damages
    TO THIRD condition here, NO
    PERSONS PERFECTED SALE]

    Damages

    Bad Faith: Bad Faith: Bad Faith:


    Reconveyance/
    Rescission; Damages [Upon fulfillment of suspensive Reconveyance?
    condition]

    Reconveyance of property;
    damages

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