ABSOLUTE INCAPACITY
DACION EN PAGO
LEGAL REDEMPTION
Applies to persons who cannot bind
themselves in a contract including a
contract of sale
Ownership of a thing is transferred to
the creditor to settle a monetary
obligation
The right to be subrogated upon the
same terms and conditions stipulated in
the contract
ASSIGNMENT OF CREDIT
DOCUMENT OF TITLE
NECESSARIES
It has for its purpose the transfer to
another person of the right to collect the
debt
A document used as proof of the
possession or control of the goods
Include everything indispensable for
sustenance, dwelling, clothing, medical
attendance,
education
and
transportation
ACCION QUANTI MINORIS
Buyer’s remedy which involves the
proportionate reduction in the price of
the thing purchased
EARNEST MONEY
Proof of the perfection of a contract of
sale
OPTION MONEY
Remedy of the buyer to withdraw from
the sale and ask for damages
An encumbrance imposed upon an
immovable for the benefit of another
immovable belonging to a different
owner
The consideration paid for the purpose
of holding one to his promise to buy or
sell a determinate thing for a certain
period of time, which consideration is
separate and distinct from the purchase
price
AUCTION
EMPTIO REI SPERATAE
ORDER DOCUMENT OF TITLE
Sale of property to the highest bidder
Sale of an expected thing
Negotiated by endorsement
BAILEE
EMPTIO SPEI
PACTUM COMMISSORIUM
Includes a warehouseman, carrier or
other person who receives the
possession or custody of the thing
delivered
The sale of hope or expectancy
A stipulation in a contract of sale
involving an immovable that the sale is
automatically rescinded upon failure of
the buyer to pay the price
ACCION REDHIBITORIA
BARTER
The consideration of the contract is
another thing.
BEARER DOCUMENT OF TITLE
EASEMENT OR SERVITUDE
EQUITABLE MORTGAGE
Lacks formalities but nevertheless
shows the real intention of the parties
to create a specific property to secure
the performance of an obligation
EVICTION
Negotiated by mere delivery
The deprivation by final judgment of
the vendee
BILL OF LADING
FUNGIBLE GOODS
A document issued by a common
carrier acknowledging the receipt of
the goods and agreeing to transport and
deliver them to a specified place
They refer to interchangeable goods
such as grain, oils etc. that allow one to
be replaced by another without loss of
value
BY BIDDERS / PUFFERS
FUTURE GOODS
A person employed by the seller or
auctioneer to raise the price in an
auction sale
Refers to goods to be manufactured,
raised or acquired by the seller
CONVENTIONAL REDEMPTION
Right of seller to repurchase the thing
sold and the exercise of which was
reserved by the seller at the time of sale
LEGAL FORMALITIES
Delivery through the execution of a
public document
PAYMENT BY CESSION
The creditors are given the right to sell
the debtor’s properties and apply the
proceeds to their respective claims
PIECE OF WORK
A contract for the delivery at a certain
price of an article to be manufactured
specially for the customer and upon his
special order, and not for the general
market.
POLICITATION
A unilateral promise to buy or sell a
thing which is not accepted by the
promissee
POSSESSORY LIEN
An unpaid seller’s right to retain the
goods for the price while he is in
possession of them
PRICE
The sum stipulated as the equivalent of
the thing sold
REDHIBITORY DEFECT
Even professional inspection is not
sufficient to discover it
RELATIVE INCAPACITY
TRADITIO
CONSTITUTUM
POSSESSORIUM
Delivery that takes place when the
seller continues in possession of the
thing sold after the sale but as lessee,
depository or otherwise
TRADITIO LONGA MANU
Applies to person who, under certain
circumstances, cannot purchase certain
property
Delivery of a movable by mere
agreement of the parties if the thing
cannot be transferred to the vendee at
the time of sale
RIGHT OF PRE-EMPTION
UNPAID SELLER
Right given to an adjoining owner of an
urban land to purchase the same ahead
of other if such land is held for
speculation
Includes one who has received as
conditional payment for the goods a
negotiable instrument but the condition
has been broken by reason of the
dishonour of the instrument or the
insolvency of the buyer
SALE ON TRIAL
Ownership of the thing sold is retained
by the seller despite delivery to the
buyer, but the latter agrees to pay the
price if he finds the thing satisfactory
VENDOR
The party in a contract of sale who I
obligated to transfer the ownership of
and to deliver a determinate thing
SALE OR RETURN
VENDEE
Ownership is transferred to buyer upon
delivery but he has the option to revert
such ownership to the seller
The person obligated to pay the price of
the thing purchased
STOPPAGE IN TRANSITU
WAIVER CONSCIENTE
Exercised by the seller by obtaining
actual possession of the goods or by
giving notice to the carrier or other
Bailee having actual possession of the
goods
It is made by the buyer without
knowledge of the risk of eviction
STRAIGHT SALE
The balance is payable in its entirety
after the payment of an initial sum
SYMBOLIC DELIVERY
Delivery of the keys of the place where
movable is kept or stored
TRADITIO BREVI MANU
Delivery that takes place when the
buyer who was in possession of the
thing sold at the time of sale continues
in possession of the sale as an owner
WAIVER INTENCIONADA
It is made by the buyer with knowledge
of the risk of eviction; hence, the seller
will not have any liability if the buyer
is evicted
WAREHOUSE RECEIPT
Contract for the storage of goods for a
compensation
WARRANTY
EVICTION
AGAINST
Seller’s undertaking that the buyer
shall enjoy legal and peaceful
possession of the thing sold