...Deed of Sale vs. Equitable Mortgage Posted on November 11, 2009 by lexposition • Posted in Civil Law • Tagged mortgage, sale • Under the Civil Code, an agreement that, on its face, looks like a sale may be considered an equitable mortgage. Article 1602 of the Civil Code provides: Art. 1602. The contract shall be presumed to be an equitable mortgage, in any of the following cases: (1) When the price of a sale with right to repurchase is unusually inadequate; (2) When the vendor remains in possession as lessee or otherwise; (3) When upon or after the expiration of the right to repurchase another instrument extending the period of redemption or granting a new period is executed; (4) When the purchaser retains for himself a part of the purchase price; (5) When the vendor binds himself to pay the taxes on the thing sold; (6) In any other case where it may be fairly inferred that the real intention of the parties is that the transaction shall secure the payment of a debt or the performance of any other obligation. In any of the foregoing cases, any money, fruits, or other benefit to be received by the vendee as rent or otherwise shall be considered as interest which shall be subject to the usury laws. In Rockville Excel International Exim Corporation vs. Spouses Oligario Culla and Bernardita Miranda, G.R. No. 155716, October 2, 2009, the Supreme Court faced the issue of whether a Deed of Absolute Sale is really an absolute sale of real property...
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...CONTRACT OF SALE – One of the contracting parties obligates himself to transfer the ownership of and to deliver a determinate thing, and the other to pay therefor a price certain money or its equivalent. A contract of sale may be absolute or conditional. SALES 1. Contract of sale (absolute) • real obligation – obligation to give • remedies available: a. specific performance b. rescission c. damages 2. Contract to sell (conditional) • personal obligation – obligation to do • remedies available: a. resolution b. damages ESSENTIAL REQUISITES OF A CONTRACT OF SALE 1. consent 2. subject matter 3. price CHARACTERISTICS OF CONTRACT OF SALE: 1. Nominate - law gave it a name 2. Principal - can stand on its own; unlike accessory contract 3. Bilateral - imposes obligation on both parties a. obligation of seller – transfer ownership & deliver b. obligation of buyer – pay for price Consequence: power to rescind is implied in bilateral contracts 4. Onerous – with valuable consideration • Consequence: all doubts in construing contract to be resolved in greater reciprocity of interest 5. Commutative – equal value is exchanged for equal value • Test: subjective – as long as parties in all honesty that he is receiving equal value then it complies with test & would not be deemed a donation; but must not be absurd. • Inadequacy of price or aleatory character not sufficient ground to cancel contract of sale; inadequacy can show vitiation of consent & sale may be ...
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...SUBJECT MATTER OF SALE 1. MELLIZA vs CITY OF ILOILO (23 SCRA 477) Facts: Juliana Melliza during her lifetime owned, among other properties, 3 parcels of residential land in Iloilo City (OCT 3462).Said parcels of land were known as Lots Nos. 2, 5 and 1214. The total area of Lot 1214 was 29,073 sq. m. On 27 November 1931she donated to the then Municipality of Iloilo, 9,000 sq. m. of Lot 1214, to serve as site for the municipal hall. The donation was however revoked by the parties for the reason that the area donated was found inadequate to meet the requirements of the development plan of the municipality, the so-called “Arellano Plan.” Subsequently, Lot 1214 was divided by Certeza Surveying Co., Inc. into Lots 1214-A and 1214-B. And still later, Lot 1214-B was further divided into Lots 1214-B-1, Lot 1214-B-2 and Lot1214-B-3. As approved by the Bureau of Lands, Lot 1214-B-1, with 4,562 sq. m., became known as Lot 1214-B; Lot 1214-B-2,with 6,653 sq. m., was designated as Lot 1214-C; and Lot 1214-B-3, with 4,135 sq. m., became Lot 1214-D. On 15 November1932, Juliana Melliza executed an instrument without any caption providing for the absolute sale involving all of lot 5, 7669 sq.m. of Lot 2 (sublots 2-B and 2-C), and a portion of 10,788 sq. m. of Lot 1214 (sublots 1214-B2 and 1214-B3) in favor of the Municipal Government of Iloilo for the sum of P6,422; these lots and portions being the ones needed by the municipal government for the construction of avenues, parks and City hall...
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...KULLIYYAH OF ECONOMICS AND MANAGEMENT SCIENCES ‘Comparison of Principles of Sale Contract between Conventional and Shari’ah Laws’ LAW 3512 COMMERCIAL LAWS (SECTION 3) Any form of cheating or attempt to cheat is a serious Offence which may lead to dismissal Introduction We are blessed as a human being on the earth as the only creature created by God who has the ability to think upon choosing between alternatives. Humans are associates with many labels and beliefs that they uphold throughout their life. Major differences of choosing between alternatives would be based on their framework of thinking mostly derive from their religions or beliefs. Speaking from Malaysia context, Islamic belief would be a stronger influence for Malaysian citizens before embarking into any decision. Although, Malaysia is known as the Islamic state but Malaysia still uphold conventional laws as the supreme laws for the state over Islamic Laws which ruled by the Federal Court. Islamic Laws would only covers family laws, inheritance and few specific issues among muslims[1]. We would further discuss on the framework of sale contract from Islamic and conventional point of view. Take a look around and it is apparent in our daily lives that transactions need to occur for us to carry on sustaining our needs and wants. As humans we ought to want things and we need to have goods that are essential for our daily lives in order to carry on living our lives...
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...Syllabus of International Sale of goods (2012-2) NAME OF COURSE International Sale of Goods NATURE OF COURSE Compulsory PREREQUISITES AND BACKGROUND KNOWLEDGE Cultures of international business, business writing in English, import and export laws, international sale of goods, principles of civil law and necessary basics of legal knowledge relating to contract , maritime transportation, insurance, corporate law, partnership, and agency. STUDENTS Law school students LECTURING HOURS 40 hours TUTORING HOURS By appointment during Monday mornings 9AM-12AM and Wednesday mornings 9AM-12AM in the professor’s office. LECTURER’S INFO – Dr. Phil Cameron Office venue: A201 Office telephone：+86 (21) 6770 3307 E-mail：philcameron@shift.edu.cn COURSE DESIGN This course focuses on integrating the laws, rules and legal principles for the international trade of goods, including practical lawyering skills, business procedures, identifying risks, managing problems, and creating resolutions for common legal issues. OBJECTIVES A. To understand the basic the laws, rules and legal principles for the international trade of goods, as well as, develop some practical lawyering skills B. To cultivate academic quality and business skills, such as: 1) the ability to examine and resolve legal issues resulting in practical business solutions, along with the application of legal theory 2) an understanding of the rational, moral and jurisprudence basis of relevant rules as applied to current legal matters, and also...
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...Sale of Goods National Law School of India University Law of Contracts II Transfer of rights under the Sale of Goods Act Submitted by: Shivendu Pandey Id No.- 1928 Date of Submission: 13th April, 2011. Table of Contents Introduction 3 Transfer of rights under the Sale of Goods Acts 4 What is a Sale? 4 Essentials of a contract of sale 4 Definition of property 4 Transfer of property as between seller and buyer 5 Passing of Property or Transfer of Ownership 5 Property cannot pass until the goods are ascertainable 6 Distinction between transfer of property and delivery of goods 7 Property passes when intended to pass 8 Ascertained goods 10 Passing of property in specific goods 10 Ownership in unascertained goods 11 Transfer of Title by Person not the Owner 12 Doctrine of Nemo dot quod non habet 12 Exception to the General Rule 12 Conclusion 14 Introduction Mercantile laws are laws that govern trade and commerce. These laws essentially deal with the rights and obligations of the parties to a mercantile agreement. In India, there are various mercantile laws like the Contracts Act, the Partnership Act dealing with particular mercantile relations. The Sale of Goods Act is one such act which deals with the contract of sale. Originally, the law relating to sale of goods or movables was contained in chapter VII of the Indian Contract Act, 1872. The Indian Contracts Act embodied the simple and elementary rules relating to the sale of goods. It was...
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...International Sale of Goods (Vienna, 1980) (CISG) Purpose The purpose of the CISG is to provide a modern, uniform and fair regime for contracts for the international sale of goods. Thus, the CISG contributes significantly to introducing certainty in commercial exchanges and decreasing transaction costs. Why is it relevant? The contract of sale is the backbone of international trade in all countries, irrespective of their legal tradition or level of economic development. The CISG is therefore considered one of the core international trade law conventions whose universal adoption is desirable. The CISG is the result of a legislative effort that started at the beginning of the twentieth century. The resulting text provides a careful balance between the interests of the buyer and of the seller. It has also inspired contract law reform at the national level. The adoption of the CISG provides modern, uniform legislation for the international sale of goods that would apply whenever contracts for the sale of goods are concluded between parties with a place of business in Contracting States. In these cases, the CISG would apply directly, avoiding recourse to rules of private international law to determine the law applicable to the contract, adding significantly to the certainty and predictability of international sales contracts. Moreover, the CISG may apply to a contract for international sale of goods when the rules of private international law point...
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...The main objective of this rule (sales goods act, 1957) Not everyone who agrees to buy or sell goods is fortunate enough to find that the transaction turns out to be good. Those who are dissapointed by the transaction may seek the help of law. This law is known as Sales of goods Act. Sale of Goods is one of very old mercantile law. The objective of learning this topic is to cover up the main types of contracts commonly entered into by everybody. We as a consumer should know the important of learning basic principles relating in the Sale of Goods Act in Malaysia because only law can make us satisfied on sale or buy goods. The Sale of Goods legislation is aimed to offer protection to the consumer and the main purpose of a contract involving goods is the transfer of ownership. Sale of Goods Act 1957 were applied in Malaysia except in the states of Penang, Malacca, Sabah and Sarawak. Section 1 of the Sale of Goods Act 1957 provides that the Act shall have effect within the Malay States only. The position in Penang, Malacca, Sabah and Sarawak is governed by the English Sale of Goods Act 1983 . The Sale of Goods Act is complimentary to Contract Act. Basic provisions of Contract Act apply to contract of Sale of Goods also. Basic requirements of contract i.e. offer and acceptance, legally enforceable agreement, mutual consent, parties competent to contract, free consent, lawful object, consideration etc. apply to contract of Sale of Goods also. TermPaperWarehouse.com - Free Term...
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...‘Sales ethics is an oxymoron’ Ethics is a very important and influential factor in interpersonal relationships which involve persuasion and leadership. When one has to rely and relies on the integrity and objectivity of the other person, ethics become all the more important. The correctness and incorrectness of intentions and behaviours in dealing with others, when they are encompassed with morality, are called Ethics (Boldrin and Levine 2008). According to Katalin (2005), ethical conduct involves a person observing established and accepted principles of morality of his /her own profession. Ethics provides the rationale for deciding what is right or wrong in given circumstances. Ethical standards in a society form the basis on which the ethical standards of a profession are built. Sales profession of organisations is no exception to this rule. But growing competition among business organizations and industrial houses prompt them to resort to marketing and selling strategies, which many times appear unethical. It appears that organizations resort to any practice that props up their sales (Dobson, 1997). Even established organizations are falling prey to such temptations. Misleading advertisement about non-existing features in product, wrong assurances on quality and alluring and tempting promises on characteristics like durability have become commonly accepted norms of marketing strategies. Not surprisingly the consumers...
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...Finally, provide additional facts to your scenario that will show how the Statute of Frauds and Parole Evidence Rule under UCC Article 2 can come into play. Article 2 of the UCC governs sales contracts, or contracts for the sale of goods. The rule is that when a UCC provision addresses a certain issue, the UCC governs; when the UCC is silent, the common law governs. Sales contracts are not governed exclusively by Article 2 of the UCC but are also governed by general contract law whenever it is relevant and has not been modified by the UCC. A sales contract is a contract for the sale of goods under which the ownership of goods is transferred from a seller to a buyer for a price. Article 2 deals with sale of goods; it does not deal with real property such as real estate, services, or intangible property such as stocks and bonds. If a dispute involves real estate or services, the common law applies. In some situations, the rules under the UCC can vary quite a bit, depending on whether the buyer or the seller is a merchant. A sale is the passing of title to property from the seller to the buyer for a price. To be characterized as a good, the item of property must be tangible, and it must be moveable. Tangible property has physical existence; it can be touched or seen. Intangible property is such as corporate stocks and bonds, patents and copyrights, and ordinary contract rights, has only conceptual existence and thus does not come under Article 2. A moveable item can be carried...
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...| The Internet Sales Tax | Sales Tax Headaches | | [Type the author name] | Park University | MG 260 | Internet Sales Tax I. Lure of the No Tax Sale A. Supreme Court Ruling a. Quill v. North Dakota B. Sales and Use Tax 1. Declining Revenue a. Internet Sales b. Purchasing shift taxable goods v. services 2. Congress Failure to Act a. Three serious impacts b. States React independently II. States Actions A. Click through Nexus Laws 1. Illinois Example a. $153- $170 Million lost revenue per year (1) Main Street Fairness Act (2) Amazon & Overstock Pull Affiliates (3) Affiliates Flee Illinois 2. Illinois Court Ruling a. Law fails Muster III. States Band Together A. Streamlined Sales Tax Project a. Streamlined Sales and Use Tax Agreement 1. 44 States and DC 2. Impact large online and catalogue retailers IV. Congress Proposes Legislation A. Main Street Fairness Act B. Market Place Fairness Act C. Market Place Equity Act V. Closing A. Legislation or Review by the Supreme Court The lure of the no tax sale “The internet has emerged as an extremely important channel of commerce in our nation for this reason; we must be vigilant in keeping this medium as unencumbered from regulations and taxes...
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...Uniform Commercial Code: Article 2 Sales Transactions over the Internet Introduction The Uniform Commercial Code (UCC) generally refers to the main set of regulations and laws that were primarily established to harmonize and standardize sales and commercial transactions in the United States. The primary reason for standardizing the state laws regarding the conduct of sale and transactions is that, often in today’s society, those transactions and sales tend to extend beyond the jurisdiction of a given state. For instance, a particular product may be manufactured in California, warehoused in Arizona, sold in Texas and delivered in Michigan. Consequently, the use of the UCC has not only ensured uniformity of the state laws regulating commercial transactions but has also allowed the states to achieve the necessary flexibility required to meet their local transaction demands (Benjamin and Jane,1998). The history of the UCC dates back to the 1940s when top American legal scholars began to draft a uniform law regulating commercial transactions that was intended to be adopted into the code of statutes of all of the states in America. Although the content of the UCC is generally the same in all the states that have adopted it, some states have however undertaken minimal structural adjustments to conform to the local state customs. The implementation of the UCC has enabled people from various states to freely make their commercial contracts without the different terms and conditions...
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...1. Issue : The issue is whether if Peter enters into the contract with the sale person. The law of contract is a legally bind agreement with two or more contractual parties. It consists of 4 elements to make a valid contract; offer, acceptance, consideration, and intention to legal relation. This issue involves the element of offer. Applicable law: An offer occurs when the offeror is willing to enter the contract, as soon as it is accepted by the offeree. Revocation by the offeror, rejection by the offeree, lapse of time and lapse of death are under the termination of offer. With rejection by the offeree, it states that offeror’s original offer turned down by the offeree. In the case of Hyde V Wrench (1840) the court held that since offer is made. Application of Facts to Law: It was told to peter that the first batch of XYZ model cameras were all sold. Sale person then offer peter the second batch of XYZ models at $1600, Peter asked for the best price. The sale person offered Peter at $1550. However, Peter revealed that if the prices reduce to $1500 he would purchase immediately. It was shown that Peter made a counter offer by the rejecting the original offer of $1550. Hence, counter offer made Conclusion: Offer is not valid in this issue. Hence, the sale person will not liable for any loss or damages. Applicable law: An invitation to treat invites someone to make an offer and negotiate. It is done by either display...
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...replaced the Uniform Sales Act, the Negotiable Instruments Law, the Uniform Warehouse Receipts Act, the Uniform Bills of Lading Act, the Uniform Stock Transfer Act, the Uniform Trust Receipts Act, and numerous other statutes. Massachusetts thus became the second state to enact the Code, following the lead of Pennsylvania, where the Code, enacted in April 1953, took effect on July 1, 1954. In March 1958 the Code was enacted in Kentucky, effective July 1, 1960. Proposals to enact the Code will undoubtedly come before legislatures in other states in the course of the next few years, and it seems likely that several other states will join the procession at their 1959 sessions (Braucher, 1958). The Uniform Commercial Code (UCC or the Code), first published in 1952, is one of a number of uniform acts that have been promulgated in conjunction with efforts to harmonize the law of sales and other commercial transactions in all 50 states within the United States of America. The Uniform Commercial Code, or UCC, is a very large collection of legal rules regarding many important business, or “commercial,” activities. The UCC originally was created by two national nongovernmental legal organizations: the National Conference of Commissioners on Uniform State Laws (NCCUSL) and the American Law Institute (ALI) (Steingold, 2013). As the word “Uniform” in its title suggests, a primary purpose of the UCC is to make business activities more predictable and efficient by making business laws highly consistent...
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...National Law School of India University Law of Contracts II Transfer of rights under the Sale of Goods Act Submitted by: Shivendu Pandey Id No.- 1928 Date of Submission: 13th April, 2011. Table of Contents Introduction 3 Transfer of rights under the Sale of Goods Acts 4 What is a Sale? 4 Essentials of a contract of sale 4 Definition of property 4 Transfer of property as between seller and buyer 5 Passing of Property or Transfer of Ownership 5 Property cannot pass until the goods are ascertainable 6 Distinction between transfer of property and delivery of goods 7 Property passes when intended to pass 8 Ascertained goods 10 Passing of property in specific goods 10 Ownership in unascertained goods 11 Transfer of Title by Person not the Owner 12 Doctrine of Nemo dot quod non habet 12 Exception to the General Rule 12 Conclusion 14 Introduction Mercantile laws are laws that govern trade and commerce. These laws essentially deal with the rights and obligations of the parties to a mercantile agreement. In India, there are various mercantile laws like the Contracts Act, the Partnership Act dealing with particular mercantile relations. The Sale of Goods Act is one such act which deals with the contract of sale. Originally, the law relating to sale of goods or movables was contained in chapter VII of the Indian Contract Act, 1872. The Indian Contracts Act embodied the simple and elementary rules relating to the sale of goods. It was...
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