Complete Sales Law Flashcards - All Terms from Document

OBLIGATIONS OF THE VENDEE

1. Vendee

The buyer in a contract of sale who has obligations to accept delivery and pay the agreed price.

2. Principal Obligations

The main duties of the vendee: to accept delivery and to pay the price of the thing sold.

3. Accept

The vendee's obligation to take delivery of the goods sold at the agreed time and place.

4. Pay

The vendee's obligation to pay the purchase price and related expenses as stipulated.

5. Price of the Thing Sold

The agreed monetary consideration for the goods or property being purchased.

6. Interest

Additional payment the vendee may owe in certain circumstances as specified by law or contract.

7. Expenses of the Deed of Sale

Costs related to the preparation and execution of the sales contract, typically borne by the vendee unless otherwise stipulated.

8. Stipulation to the Contrary

A contractual provision that changes the default allocation of obligations or expenses.

9. Time and Place Stipulated

The agreed schedule and location for performance of contractual obligations.

10. Delivery of the Thing Sold

The transfer of possession of goods from seller to buyer at the agreed time and place.

KINDS OF ACCEPTANCE

11. Express Acceptance

Acceptance that occurs when the buyer explicitly communicates to the seller, verbally or in writing, that goods have been accepted.

12. Implied Acceptance

Acceptance inferred from the buyer's conduct, occurring through inconsistent acts with seller's ownership or retention without rejection.

13. Act Inconsistent with Ownership of Seller

Buyer's behavior that demonstrates assumption of ownership, constituting implied acceptance.

14. Reasonable Time

A period that is fair and appropriate under the circumstances for examining or rejecting goods.

15. Retention of Goods

Keeping possession of delivered goods without notifying the seller of rejection.

16. Intimating Rejection

Formally notifying the seller that the goods are being refused or rejected.

DELIVERY AND EXAMINATION

17. Delivery by Installments

The practice of delivering goods in separate portions rather than all at once.

18. Right to Examine

The buyer's entitlement to inspect goods before acceptance to ensure conformity with the contract.

19. Previously Examined

Goods that the buyer has already inspected before the current delivery.

20. Reasonable Opportunity of Examining

Adequate time and circumstances to properly inspect goods for contract conformity.

21. Conformity with the Contract

The state of goods matching the specifications, quality, and conditions agreed upon in the sale.

REFUSAL AND LIABILITY

22. Justified Refusal to Accept

The buyer's legitimate right to reject non-conforming goods without penalty.

23. Right to Refuse

The legal entitlement to reject goods that do not meet contractual requirements.

24. Return to Seller

The buyer's lack of obligation to send back refused goods to the seller.

25. Notify the Seller

The buyer's duty to inform the seller of rejection, sufficient without physical return.

26. Voluntarily Constitutes Himself a Depository

When a buyer keeps rejected goods, becoming liable as a depositary for their care.

27. Liable as Depositary

Legal responsibility for the safekeeping of goods voluntarily retained after rejection.

28. Liability for Interest

Circumstances where the vendee must pay interest: stipulation, income-producing goods, or default after demand.

29. Fruits or Income

Revenue, profits, or natural produce generated by the thing sold.

30. Default

Failure to perform contractual obligations when due.

31. Judicial Demand

Court-ordered request for payment of an obligation.

32. Extrajudicial Demand

Formal request for performance made outside of court proceedings.

SUSPENSION OF PAYMENT

33. Suspension of Payment

The vendee's right to withhold payment when disturbed in possession or ownership.

34. Disturbed in Possession

Interference with the buyer's physical control or use of purchased property.

35. Disturbed in Ownership

Legal challenges to the buyer's title or right of ownership.

36. Well-grounded Fear

Reasonable apprehension based on substantial evidence of potential legal action.

37. Vindicatory Action

Legal proceeding to recover ownership of property from someone wrongfully possessing it.

38. Foreclosure of Mortgage

Legal process where mortgaged property is sold to satisfy a debt.

39. Security for Return of Price

Guarantee provided by seller to ensure refund if buyer's ownership is successfully challenged.

40. Mere Act of Trespass

Simple unlawful entry that doesn't affect ownership rights, remediable by ejectment.

41. Ejectment

Legal action to remove someone unlawfully occupying property.

FAILURE TO PAY AND REMEDIES

42. Failure to Pay

The vendee's breach of obligation to provide agreed consideration.

43. Specific Performance

Legal remedy requiring exact fulfillment of contractual obligations.

44. Rescind the Sale

Cancellation of the contract, returning parties to pre-contractual positions.

45. Remedies

Legal courses of action available when contractual obligations are breached.

RECTO LAW

46. Recto Law

Legislation providing alternative remedies for sellers in installment sales of personal property.

47. Alternative Remedies

Multiple legal options available to the seller when buyer defaults on installment payments.

48. Exact Fulfillment of Obligation

Remedy requiring the buyer to complete payment as originally agreed.

49. Cancel the Sale

Remedy allowing termination of the contract due to buyer's default.

50. Installments

Regular periodic payments that together comprise the total purchase price.

51. Chattel Mortgage

Security interest in movable personal property securing payment of a debt.

52. Foreclose the Chattel Mortgage

Legal process to take possession and sell mortgaged personal property to satisfy debt.

53. Two or More Installments

The threshold number of missed payments triggering certain remedies under Recto Law.

MACEDA LAW

54. Maceda Law

Republic Act protecting buyers of real estate sold on installment basis.

55. Two Years of Installment Payments

Threshold period determining the extent of buyer's rights under Maceda Law.

56. Right to Grace Period

Buyer's entitlement to additional time for payment without penalty.

57. One Month for Every Year

Formula for calculating grace period duration under Maceda Law.

58. Right to Cancel

Buyer's option to terminate the contract and seek refund.

59. Right to Refund of Payments

Buyer's entitlement to recover a portion of payments made upon cancellation.

60. Cash Surrender Value (CSV)

Amount refundable to buyer, calculated as percentage of total payments made.

61. 50% of Total Payments

Base refund percentage for buyers who paid installments for more than two years.

62. 5% for Every Additional Year

Increment added to base refund percentage for payments beyond five years.

63. Right to Assign or Sell

Buyer's option to transfer rights in the property to another party.

64. Right to Reinstatement

Buyer's option to restore the contract to good standing after default.

65. Right to Pay in Advance

Buyer's option to accelerate payment schedule.

66. Less than Two Years of Installments

Category of buyers with limited rights under Maceda Law.

67. 60 Days Grace Period

Fixed grace period for buyers who paid less than two years of installments.

68. Right to Retain

Limited right of buyers to keep property under certain conditions.

69. Void Stipulations

Contract provisions that are legally invalid under Maceda Law.

70. Interest or Damages During Grace Period

Invalid penalty provisions that cannot be enforced during grace period.

71. Forfeiture Clause

Invalid provision automatically transferring all buyer's equity to seller upon default.

72. Automatic Cancellation or Rescission

Invalid provision making contract void immediately upon buyer's default.

CONDOMINIUM ACT

73. Condominium Act

Republic Act 4726 governing the sale of condominium units and related buyer protections.

74. 60 Days Grace Period

Standard grace period provided to condominium buyers under the Act.

75. Right to Suspend Payments

Buyer's option to halt payments when seller fails to deliver titles and amenities.

76. Failure to Deliver Titles and Amenities

Seller's breach justifying buyer's suspension of payments.

77. License to Sell

Government permit required for selling condominium units.

78. Common Areas

Shared spaces in condominium developments owned collectively by unit owners.

79. Amenities

Facilities and services provided as part of the condominium development.

80. Material Changes in Plans or Specifications

Significant alterations to agreed construction details requiring buyer consent.

81. Written Consent

Formal approval required from buyer for material changes or mortgages.

82. Constitution of Mortgages

Creation of security interests on property after sale to buyer.

83. Encumbrances

Claims, liens, or other interests that burden the title to property.

84. Defective Title

Ownership rights that are incomplete, disputed, or legally flawed.

85. Fraud or Misrepresentation

Intentional deception in advertisements or contracts constituting grounds for cancellation.

86. Development/Seller

The party responsible for constructing and selling condominium units.

RIGHTS OF UNPAID SELLER

87. Unpaid Seller

Seller who has not received full payment for goods sold.

88. Lien on Goods

Seller's right to retain possession of goods until payment is received.

89. Right to Retain

Seller's entitlement to keep goods in possession as security for payment.

90. Insolvency of Buyer

Buyer's inability to pay debts as they become due in ordinary business course.

91. Stopping Goods in Transit

Seller's right to intercept goods being transported to insolvent buyer.

92. Parted with Possession

Seller's loss of physical control over goods through delivery or shipment.

93. Right of Resale

Seller's option to sell goods to another party under specified circumstances.

94. Perishable Nature

Quality of goods that deteriorate or decay quickly requiring prompt sale.

95. Expressly Reserved Right

Contractual provision specifically retaining seller's right to resell upon default.

96. Unreasonable Time

Period of default that exceeds what is fair or appropriate under circumstances.

97. Right to Rescind

Seller's option to cancel the sale contract due to buyer's breach.

BREACH OF CONTRACT

98. Breach of Contract of Sale of Goods

Failure by either party to perform obligations under a sales agreement.

99. Action for Payment of Price

Legal proceeding to recover money owed for goods sold.

100. Action for Damages for Non-acceptance

Legal claim for compensation when buyer refuses to accept conforming goods.

101. Non-acceptance of Goods

Buyer's refusal to take delivery of goods tendered by seller.

102. Action for Rescission of Contract

Legal proceeding to cancel contract and restore parties to original positions.

103. Action for Specific Performance

Legal proceeding to compel exact performance of contractual obligations.

104. Action for Rescission or Damages

Buyer's alternative remedies for seller's breach of contract.

EXTINGUISHMENT OF SALE

105. Extinguishment of Sale

Termination of sales contract through various legal causes.

106. Common Causes

General methods of contract termination applicable to all types of agreements.

107. Special Causes

Specific grounds for termination recognized uniquely in sales law.

108. Extra-special Causes

Particular forms of termination: conventional redemption and legal redemption.

109. Conventional Redemption

Sale arrangement where vendor reserves right to repurchase within specified period.

110. Legal Redemption

Statutory right to substitute oneself in place of purchaser under same terms.

CONVENTIONAL REDEMPTION (PACTO DE RETRO)

111. Pacto de Retro

Sale with right to repurchase, allowing vendor to reclaim property upon payment.

112. Vendor

Original owner who sells with right to repurchase.

113. Right to Repurchase

Vendor's option to reclaim property by paying redemption price.

114. Article 1616

Civil Code provision governing obligations in conventional redemption.

115. Characteristics of Conventional Redemption

Legal attributes: contractual, real, potestative, resolutory, reciprocal, and limited.

116. Contractual

Based on agreement between parties rather than operation of law.

117. Real

Relates to specific property rather than personal obligations.

118. Potestative

Depends on vendor's will to exercise or not exercise the right.

119. Resolutory

Condition that terminates the vendee's ownership when fulfilled.

120. Reciprocal

Creates mutual obligations between vendor and vendee.

121. Limited

Subject to time restrictions and cannot exceed legal maximums.

122. Ownership Transfer

Movement of legal title from vendor to vendee in pacto de retro.

123. Pacto de Retro vs. Loan

Distinction where ownership transfers in pacto de retro but not in loans.

124. Pacto de Retro vs. Antichresis

Difference in seller's obligation to return price versus creditor's right to fruits.

125. Antichresis

Arrangement where creditor receives fruits of debtor's property as interest.

126. Pacto de Retro vs. Option to Buy

Comparison of integrated sale versus separate instrument with distinct consideration.

127. Same Instrument of Sale

Pacto de retro provision included in the original sales contract.

128. Separate Consideration

Distinct payment required for option to buy, unlike pacto de retro.

129. Pacto de Retro vs. Mortgage

Distinction between conditional ownership transfer and security interest.

130. Conditional Ownership

Title transfer subject to fulfillment or non-fulfillment of conditions.

131. Charge or Lien

Security interest that burdens property without transferring ownership.

EQUITABLE MORTGAGE

132. Equitable Mortgage

Transaction disguised as sale but actually intended to secure debt payment.

133. Unusually Inadequate Price

Sales price significantly below fair market value indicating secured transaction.

134. Vendor Remains in Possession

Original owner continuing to occupy property after supposed sale.

135. Lessee or Otherwise

Various arrangements allowing vendor to maintain possession after sale.

136. Extension of Period of Redemption

Subsequent agreement prolonging time for repurchase beyond original term.

137. New Period of Redemption

Fresh opportunity to repurchase granted after original period expires.

138. Purchaser Retains Part of Price

Buyer keeping portion of supposed purchase price, indicating loan arrangement.

139. Vendor Pays Taxes

Original owner continuing to pay property taxes after supposed sale.

140. Real Intention of Parties

True purpose behind transaction regardless of formal documentation.

141. Secure Payment of Debt

Primary purpose of equitable mortgage disguised as sale.

142. Performance of Other Obligation

Alternative purpose that may be secured through equitable mortgage.

143. Case of Doubt

Ambiguous situations where transaction's true nature must be determined.

144. Contract Purporting to be Sale

Document that appears to be sale but may actually be security arrangement.

145. Construed as Equitable Mortgage

Legal interpretation of ambiguous transaction as secured loan rather than sale.

EFFECTS OF EQUITABLE MORTGAGE

146. Reformed Instrument

Legal correction of document to reflect true intention as mortgage rather than sale.

147. Void Stipulation

Invalid provision for automatic ownership transfer upon non-redemption.

148. Automatic Pass of Ownership

Invalid clause making vendee absolute owner upon expiration of redemption period.

149. Proper Remedy is Foreclosure

Correct legal procedure for enforcing security interest in equitable mortgage.

150. Title Remains in Supposed Vendor

Ownership stays with original owner in equitable mortgage arrangement.

PERIOD OF REDEMPTION

151. Period of Redemption

Time limit within which right to repurchase may be exercised.

152. Absence of Express Agreement

Situation where redemption period is not specifically stated in contract.

153. Four Years from Date of Contract

Default redemption period when none is specified in agreement.

154. Express Agreement

Specific contractual provision setting redemption period.

155. Cannot Exceed Ten Years

Maximum legal limit for agreed redemption period.

156. Thirty Days from Final Judgment

Additional opportunity to redeem after court determines contract is true sale.

157. Final Judgment

Court's definitive ruling that cannot be appealed further.

158. Civil Action

Legal proceeding to determine the true nature of the transaction.

159. True Sale with Right to Repurchase

Court's determination that transaction is genuine pacto de retro.

EXERCISE OF RIGHT TO REDEEM

160. Sale of Undivided Immovable

Transaction involving property that has not been partitioned among co-owners.

161. Part Thereof

Portion of undivided property sold by one co-owner.

162. Vendee of Part Acquires the Whole

Situation where buyer of partial interest obtains complete ownership.

163. Vendor May be Compelled to Redeem Whole

Original seller can be forced to repurchase entire property, not just their part.

164. Several Parts Belong to Several Persons

Different portions of property owned by different individuals.

165. Sold Jointly

Multiple owners selling their interests together in single transaction.

166. Exercise Right with Respect to Own Share

Each vendor can redeem only their individual portion when sold jointly.

167. Sold Separately

Individual owners selling their portions in distinct transactions.

168. Independently Exercise Right

Separate redemption rights for each owner when parts sold individually.

169. Respective Share

Each owner's individual portion of the property.

OBLIGATIONS OF VENDOR A RETRO

170. Vendor a Retro

Original seller who retained right to repurchase in pacto de retro transaction.

171. Pay or Reimburse

Vendor's duty to compensate vendee for various expenses and benefits.

172. Price of Sale

Original amount paid by vendee that must be returned upon redemption.

173. Expenses of Contract

Costs incurred in preparation and execution of the sales agreement.

174. Fruits Without Sharing Arrangement

Income from property that must be reimbursed when no agreement exists for sharing.

175. Sharing Arrangement

Agreement between parties on how to divide income from property during redemption period.

176. Other Legitimate Expenses

Reasonable costs incurred by vendee in connection with the sale.

177. Necessary and Useful Expenses

Expenditures for property maintenance and improvements that benefit the property.

178. Bona Fide Offer to Redeem

Genuine attempt to exercise right of redemption with actual payment tender.

179. Agreement to the Contrary

Contractual provision changing default rules for redemption payment and deed execution.

180. Payment of Redemption Price

Money that must be tendered to effectuate repurchase of property.

181. Execution of Deed of Resale

Preparation and signing of document transferring ownership back to vendor.

182. Simultaneous

Occurring at the same time, referring to payment and deed execution.

FAILURE TO REDEEM

183. Failure to Redeem

Vendor's non-exercise of right to repurchase within stipulated period.

184. Real Property

Land and buildings, as distinguished from personal property.

185. Consolidation of Ownership

Process by which vendee's conditional ownership becomes absolute.

186. Virtue of Failure

Legal consequence of vendor's non-compliance with redemption requirements.

187. Registry of Property

Official government office where real property transactions are recorded.

188. Judicial Order

Court directive required for certain legal actions or recordings.

189. Vendor Duly Heard

Procedural requirement that original seller be given opportunity to present their case.

LEGAL REDEMPTION

190. Legal Redemption

Statutory right to substitute oneself for purchaser under same terms and conditions.

191. Right to be Subrogated

Entitlement to step into purchaser's position with all rights and obligations.

192. Same Terms and Conditions

Identical contractual provisions that applied to original transaction.

193. Purchase or Dation in Payment

Methods of acquiring property: buying or receiving in satisfaction of debt.

194. Dation in Payment

Transfer of property to creditor in lieu of monetary payment of debt.

195. Other Transaction

Any transfer of ownership beyond simple purchase or dation.

196. Ownership Transmitted by Onerous Title

Transfer of property rights for valuable consideration rather than gift.

197. Onerous Title

Acquisition of property through payment or exchange of value.

198. Subrogation vs. Dation in Payment

Distinction between substitution of rights and transfer for debt satisfaction.

199. Credit with All Rights

Debt claim including all associated legal protections and remedies.

200. Against Debtor or Third Persons

Rights enforceable against original obligor or other liable parties.

201. Thing Alienated by Debtor

Property transferred by debtor to creditor in satisfaction of obligation.

202. Satisfaction of Debt in Money

Discharge of monetary obligation through property transfer.

203. Redemption vs. Pre-emption

Distinction between post-sale substitution and pre-sale purchase right.

204. After Sale Perfected

Redemption exercised subsequent to completion of original transaction.

205. Act or Right of Purchasing Before Others

Pre-emption allowing priority purchase opportunity before sale to third party.

PERIOD OF LEGAL REDEMPTION

206. Legal Pre-emption

Statutory right to purchase before others under specified circumstances.

207. Thirty Days from Notice

Time limit for exercising legal redemption or pre-emption rights.

208. Notice in Writing

Formal written communication required to trigger redemption period.

209. Prospective Vendor

Person intending to sell property who must give notice to redemptioners.

210. Possible Redemptioners

Persons who may have legal right to exercise redemption or pre-emption.

211. Deed of Sale Recording

Registration of sales document in official property records.

212. Accompanied by Affidavit

Sales deed must include sworn statement about notice to redemptioners.

213. Written Notice Affidavit

Vendor's sworn declaration that proper notice was given to all entitled parties.

AMONG CO-OWNERS

214. Co-ownership of Thing

Joint ownership of property by multiple persons with undivided interests.

215. Alienation of Shares

Transfer of one co-owner's interest to another party.

216. All or Any of Shares

Complete or partial transfer of co-owner's interest in property.

217. Sale to Third Person

Transfer to someone who is not a co-owner of the property.

218. Before Partition

Prior to division of commonly owned property among co-owners.

219. Partition

Legal division of co-owned property into separate individual portions.

AMONG CO-HEIRS

220. Co-heirs

Multiple inheritors of deceased person's estate before distribution.

221. Hereditary Rights

Legal claims to inheritance from deceased person's estate.

222. Stranger

Person who is not an heir to the estate.

223. Before Partition

Prior to formal division of inherited estate among heirs.

224. Subrogated to Rights of Purchaser

Substituted in place of buyer with all associated rights and obligations.

225. Reimbursing Price of Sale

Paying back the amount paid by original purchaser.

226. One Month Period

Time limit for co-heirs to exercise right of legal redemption.

227. Notified in Writing

Formal written communication about the sale to outside party.

AMONG ADJOINING OWNERS OF RURAL LAND

228. Rural Land

Agricultural or countryside property, as distinguished from urban areas.

229. Adjacent/Adjoining

Property that shares a common boundary or is next to another property.

230. Both Lands Must be Rural

Requirement that both redemptioner's and alienated land be countryside property.

231. Lands Must be Adjacent

Properties must share common boundary or be next to each other.

232. Alienation Requirement

There must be an actual transfer of ownership to third party.

233. Not Exceed One Hectare

Size limitation on rural land subject to redemption right.

234. Grantee/Vendee Owns Other Rural Land

Buyer must already possess other countryside property.

235. Not Separated by Natural/Artificial Barriers

Land must be contiguous without brooks, drains, ravines, roads, or servitudes.

236. Brooks, Drains, Ravines

Natural water features that separate properties and defeat adjacency.

237. Apparent Servitudes

Visible easements or rights of way that create separation between properties.

AMONG ADJOINING OWNERS OF URBAN LAND

238. Urban Land

City or town property, as distinguished from rural or agricultural land.

239. Adjoining/Adjacent Owner

Person owning property next to or sharing boundary with subject land.

240. So Small Major Portion Cannot be Used

Land size insufficient for practical use within reasonable time.

241. Practical Purpose

Reasonable and beneficial use of property for legitimate objectives.

242. Within Reasonable Time

Period that is fair and appropriate under the circumstances.

243. Bought Merely for Speculation

Purchase motivated primarily by hope of profitable resale rather than use.

244. About to be Resold

Property intended for quick resale to realize speculative profit.

245. Resale Has Been Perfected

Speculative resale transaction has been completed.

ASSIGNMENT OF CREDIT

246. Assignment of Credit

Contract transferring ownership of debt claim and related rights to another person.

247. Owner of Credit

Person who holds legal right to collect debt from obligor.

248. Incorporeal Rights

Legal rights that have no physical existence but represent claims or interests.

249. Transfers Rights and Actions

Conveys both the claim and legal remedies against third party.

250. Against Third Person

Enforceable against debtor or other liable party.

251. Onerously or Gratuitously

Transfer for consideration (sale) or without payment (gift).

252. Characteristics of Assignment

Legal attributes: consensual, bilateral, onerous, commutative, aleatory.

253. Consensual

Agreement perfected by mere consent without formal requirements.

254. Bilateral

Creates obligations for both assignor and assignee.

255. Onerous

Involves exchange of valuable consideration between parties.

256. Commutative

Benefits received by each party are equivalent in value.

257. Aleatory

Outcome depends on uncertain future events.

OBLIGATIONS OF ASSIGNOR

258. Assignor

Person who transfers credit or incorporeal rights to another.

259. Warrant Existence and Legality

Guarantee that assigned credit actually exists and is legally valid.

260. Warrant Solvency of Debtor

Guarantee debtor's ability to pay when expressly stipulated or insolvency was known.

261. Expressly Stipulated

Specifically agreed upon in the assignment contract.

262. Insolvency Prior to Sale

Debtor's inability to pay existing before the assignment transaction.

263. Common Knowledge

Information that was generally known or readily available.

264. Warrant Heirship

Guarantee of inheritance rights when selling estate claims before partition.

265. Sale of Inheritance Rights

Transfer of heir's claim to estate before formal distribution.

266. Warrant Legitimacy of Whole

Guarantee of validity when selling all rights, rents, and products for lump sum.

267. Lump Sum Sale

Transfer of entire collection of rights for single payment.

268. Certain Rights, Rents and Products

Specified claims to income and benefits from property or obligations.

269. Good Faith

Honest dealing without intent to deceive or defraud.

270. Bad Faith

Dishonest conduct with knowledge of defects or intent to deceive.

271. Price Received and Contract Expenses

Amount paid for assignment plus costs of preparing agreement.

272. Breach of Warranty

Failure to fulfill guarantees made in assignment contract.

273. Damages

Additional compensation for losses caused by assignor's misconduct.

274. Other Legitimate Expenses

Reasonable costs incurred by assignee in connection with assignment.

EXTINGUISHMENT BY LEGAL REDEMPTION

275. Assignment of Credit in Litigation

Transfer of debt claim that is subject to pending court proceedings.

276. Pending Litigation

Legal case that is currently in progress and not yet resolved.

277. Time of Assignment

When the transfer of credit rights takes place.

278. Debtor Must Pay Assignee

Obligor's duty to compensate the person who acquired the credit.

279. Price Paid by Assignee

Amount paid by credit purchaser to acquire the debt claim.

280. Judicial Costs Incurred

Court expenses paid by assignee in pursuing collection.

281. Interest on Price from Payment Date

Additional compensation calculated from when assignee paid for credit.

282. Right Exercised Within 30 Days

Time limit for debtor to redeem credit from assignee.

283. Assignee Demands Payment

Formal request by credit purchaser for debtor to pay obligation.

EXCEPTIONS TO LEGAL REDEMPTION

284. Sale to Co-heir or Co-owner

Transfer to person who already has ownership interest in same property.

285. Sale to Creditor in Payment

Transfer to creditor as satisfaction of debt owed by assignor.

286. Sale to Possessor of Tenement

Transfer to person who occupies land subject to the right in litigation.

287. Tenement or Piece of Land

Real property that is burdened by the right being assigned.

288. Right in Litigation Assigned

Legal claim that is subject to pending court case being transferred.

289. Subject to Right

Property that is burdened by the legal claim being assigned.

PRACTICAL APPLICATIONS AND CASE STUDIES

290. Harry's Motorcycle Case

Example involving Recto Law remedies for unpaid seller of personal property.

291. Monthly Installments

Regular periodic payments comprising total purchase price.

292. Abruptly Stopped Paying

Sudden cessation of required installment payments.

293. Hermione's Residential Lot Case

Example involving Maceda Law protections for real estate installment buyer.

294. Downpayment

Initial payment made at time of purchase, typically percentage of total price.

295. Remaining Balance

Unpaid portion of purchase price after downpayment.

296. Financial Constraints

Economic difficulties preventing continued payment of obligations.

297. Defaulted in Paying

Failed to make required installment payments when due.

298. Succeeding Installments

Future payments that became due after initial payments were made.

299. 2% Interest During Grace Period

Penalty charge imposed during additional time allowed for payment.

300. Juan's Condominium Case

Example involving Condominium Act protections for unit buyer.

301. Through Installment Payments

Method of purchasing by making regular periodic payments over time.

302. Developer Wants to Cancel

Seller's desire to terminate contract due to buyer's default.

303. Kilua's Rice Sale Case

Example involving unpaid seller's remedies for goods sold on credit.

304. 100 Sacks of Rice

Specific quantity of goods sold in commercial transaction.

305. On Credit

Sale with payment to be made at future date rather than immediately.

306. Payment Due in 30 Days

Credit term specifying when payment must be made.

307. Before Payment Deadline

Prior to expiration of credit period.

308. Discovers Insolvency

Learns of buyer's inability to pay debts when due.

309. Still in Warehouse

Goods remain in seller's possession awaiting delivery.

310. Awaiting Delivery

State of goods ready for transfer but not yet delivered.

311. Jess's Electric Fan Case

Example of seller's remedies when buyer refuses to pay after delivery.

312. Electric Stand Fan

Specific type of personal property sold in transaction.