Sales, Agency and Credit Transactions-Air
Sales, Agency and Credit Transactions-Air
TRANSACTIONS
ACCOUNTANCY INTENSIVE REVIEW
SUMMER 2015
CONTRACT OF SALE
• 1. ACTUAL 3.QUASI-DELIVERY
• 2. CONSTRUCTIVE (TEST T)
• TRADITIO LONGA MANU
• EXECUTION OF PUBLIC INSTRUMENT
• SYMBOLIC DELIVERY
• TRADITIO BREVI MANU
• TRADITIO CONSTITUTUM POSSESORIUM
RIGHTS OF THE UNPAID SELLER
CODE:SPE RE PO STO RE (SPEREPOSTORE)
• 1. SPECIFIC PERFORMANCE
• 2.RESCIND/CANCEL THE SALE
• 3. POSSESSORY LIEN
• 4. STOPPAGE IN TRANSIT
• 5. RESELL
OBLIGATIONS OF THE BUYER
• 1. ACCEPT DELIVERY
• 2. PAY THE PRICE
REMEDIES OF THE BUYER
CODE: SPE RE SU RE SU A
• 1. TO DEMAND FOR SPECIFIC PERFORMANCE PLUS DAMAGES
• 2. TO SUE FOR RESCISSION OF THE CONTRACT PLUS DAMAGES
• 3. TO SUSPEND THE PAYMENT OF THE PRICE
• 4. TO REFUSE ACCEPTANCE
• 5. TO SUE FOR DAMAGES
• 6. TO ASK FOR REDUCTION OF THE PRICE
DOUBLE OR MULTIPLE SALES
• 1. REAL MORTGAGE – IS AN ACCESSORY CONTRACT WHEREBY REAL PROPERTY IS MADE THE SECURITY
FOR THE FULFILLMENT OF A PRINCIPAL OBLIGATION
2. RIGHT TO SELL
P – THE THING PLEDGED CAN BE SOLD WITHOUT THE PLEDGEE’S CONSENT, BUT TO TRANSFER OWNERSHIP TO THE BUYER,
PLEDGEE’S CONSENT IS REQUIRED
C- MORTGAGED CANNOT BE SOLD WITHOUT THE WRITTEN CONSENT OF THE MORTGAGEE TO BE ANNOTATED IN THE INSTRUMENT
R – MORTGAGED PROPERTY CAN BE SOLD EVEN WITHOUT THE CONSENT OF THE MORTGAGEE (ANY PROHIBITION TO SELL IS VOID)
3. TO BE EFFECTIVE BETWEEN THE PARTIES
P – MAY BE ORAL OR WRITTEN, PROVIDED THE PROPERTY IS DELIVERED TO THE PLEDGEE
C – MUST BE IN A PUBLIC DOCUMENT AND REGISTERED AT THE CHATTEL MORTGAGE REGISTER
R – MUST BE IN WRITING WHETHER PUBLIC OR PRIVATE
• 7. DELIVERY
• P – PEROPERTY MUST BE DELIVERED TO THE PLEDGEE
• C – NO DELIVERY OF THE PROPERTY TO THE MORTGAGEE
• R – THE SAME AS CHATTEL MORTGAGE
END