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    Miguel Adonis Balingit
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    The document discusses the elements required for a valid contract of sale under Philippine law. It lists three essential elements: (1) consent or agreement between the parties; (2) an object or subject matter of the contract; and (3) a price or consideration. It further describes requirements for a valid subject matter and consideration. Specifically, the subject matter must be existing, potential, or contingent, and licit. The consideration must be real, monetary or equivalent, and certain or ascertainable. Special powers of attorney are required to lease real property for over one year. Certain contracts are unenforceable unless ratified, including those made without authority or beyond powers granted.

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    The document discusses the elements required for a valid contract of sale under Philippine law. It lists three essential elements: (1) consent or agreement between the parties; (2) an object or subject matter of the contract; and (3) a price or consideration. It further describes requirements for a valid subject matter and consideration. Specifically, the subject matter must be existing, potential, or contingent, and licit. The consideration must be real, monetary or equivalent, and certain or ascertainable. Special powers of attorney are required to lease real property for over one year. Certain contracts are unenforceable unless ratified, including those made without authority or beyond powers granted.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    29 views2 pages

    Contract of Sale

    Uploaded by

    Miguel Adonis Balingit
    The document discusses the elements required for a valid contract of sale under Philippine law. It lists three essential elements: (1) consent or agreement between the parties; (2) an object or subject matter of the contract; and (3) a price or consideration. It further describes requirements for a valid subject matter and consideration. Specifically, the subject matter must be existing, potential, or contingent, and licit. The consideration must be real, monetary or equivalent, and certain or ascertainable. Special powers of attorney are required to lease real property for over one year. Certain contracts are unenforceable unless ratified, including those made without authority or beyond powers granted.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    FIRST OPTIMA REALTY CORPORATION vs.SECURITRON SECURITY SERVICES, INC.

    ,
    provides the essential elements of a valid contract of sale which consists of the following:
    (1) consent or the meeting of the minds of the parties;
    (2) object or subject matter of the contract; and
    (3) price or consideration of the sale.

    A valid contract of sale must be a result from the meeting of the minds of the parties as to the agreed
    subject matter which at the time of perfection:

    a) Possible thing – must be existing, having potential existence, a future thing, or event contingent
    or subject to a resolutory condition.
    b) Licit – must not be outside the commerce of men
    c) Determinate/Determinable – particularly designated from all others of the same class/ Capable
    of being made determinate without the necessity of a new or further agreement between the
    parties.

    Jurisprudence dictates that for a price or consideration to constitute a valid sale must have the following
    requisites:

    a) Must be real
    b) Must be a money or its equivalent
    c) Must be certain or ascertainable

    Art. 1878. Special powers of attorney are necessary in the following cases:

    (8) To lease any real property to another person for more than one year;

    Art. 1403. The following contracts are unenforceable, unless they are ratified:

    (1) Those entered into in the name of another person by one who has been given no authority or legal
    representation, or who has acted beyond his powers;

    (2) Those that do not comply with the Statute of Frauds as set forth in this number. In the following
    cases an agreement hereafter made shall be unenforceable by action, unless the same, or some note or
    memorandum, thereof, be in writing, and subscribed by the party charged, or by his agent; evidence,
    therefore, of the agreement cannot be received without the writing, or a secondary evidence of its
    contents:

    (a) An agreement that by its terms is not to be performed within a year from the making thereof;

    (b) A special promise to answer for the debt, default, or miscarriage of another;
    (c) An agreement made in consideration of marriage, other than a mutual promise to marry;

    (d) An agreement for the sale of goods, chattels or things in action, at a price not less than five hundred
    pesos, unless the buyer accept and receive part of such goods and chattels, or the evidences, or some of
    them, of such things in action or pay at the time some part of the purchase money; but when a sale is
    made by auction and entry is made by the auctioneer in his sales book, at the time of the sale, of the
    amount and kind of property sold, terms of sale, price, names of the purchasers and person on whose
    account the sale is made, it is a sufficient memorandum;

    (e) An agreement of the leasing for a longer period than one year, or for the sale of real property or of
    an interest therein;

    (f) A representation as to the credit of a third person.

    (3) Those where both parties are incapable of giving consent to a contract.

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