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    Contract of Sale: Franklin D. Lopez Accounting Education Department Rmmc-Mi

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    Razel Tercino
    This document outlines the capacity to buy or sell under contract law. It discusses who may enter into a contract of sale including all persons with legal capacity to act, with exceptions for minors, insane persons, and deaf mutes who cannot write. There are two types of incapacity - absolute and relative. The document also prohibits certain persons from acquiring property, such as guardians, agents, public officers, and judges. Any sale in violation of these prohibitions would be void if involving public interests, and voidable if concerning only private interests. The prohibitions apply to legal redemption, compromise, and renunciation transactions.

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    Contract of Sale: Franklin D. Lopez Accounting Education Department Rmmc-Mi

    Uploaded by

    Razel Tercino
    20 views6 pages
    This document outlines the capacity to buy or sell under contract law. It discusses who may enter into a contract of sale including all persons with legal capacity to act, with exceptions for minors, insane persons, and deaf mutes who cannot write. There are two types of incapacity - absolute and relative. The document also prohibits certain persons from acquiring property, such as guardians, agents, public officers, and judges. Any sale in violation of these prohibitions would be void if involving public interests, and voidable if concerning only private interests. The prohibitions apply to legal redemption, compromise, and renunciation transactions.

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    Original Title

    Contract_of_sale_-_Capacity_to_buy_or_sell

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    This document outlines the capacity to buy or sell under contract law. It discusses who may enter into a contract of sale including all persons with legal capacity to act, with exceptions for minors, insane persons, and deaf mutes who cannot write. There are two types of incapacity - absolute and relative. The document also prohibits certain persons from acquiring property, such as guardians, agents, public officers, and judges. Any sale in violation of these prohibitions would be void if involving public interests, and voidable if concerning only private interests. The prohibitions apply to legal redemption, compromise, and renunciation transactions.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    20 views6 pages

    Contract of Sale: Franklin D. Lopez Accounting Education Department Rmmc-Mi

    Uploaded by

    Razel Tercino
    This document outlines the capacity to buy or sell under contract law. It discusses who may enter into a contract of sale including all persons with legal capacity to act, with exceptions for minors, insane persons, and deaf mutes who cannot write. There are two types of incapacity - absolute and relative. The document also prohibits certain persons from acquiring property, such as guardians, agents, public officers, and judges. Any sale in violation of these prohibitions would be void if involving public interests, and voidable if concerning only private interests. The prohibitions apply to legal redemption, compromise, and renunciation transactions.

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    © All Rights Reserved
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    You are on page 1of 6

    CONTRACT OF SALE

    FRANKLIN D. LOPEZ
    ACCOUNTING EDUCATION DEPARTMENT
    RMMC-MI
    CAPACITY TO BUY OR SELL

    Discussion outline:
    1. Who may enter into a contract of sale
    2. Who may not give consent
    3. Kinds of incapacity
    4. Sale of necessaries
    5. Persons prohibited by law from acquiring by purchase
    General Rule: “All persons with capacity to act may enter into a contract of sale. “Capacity to act” means the power
    to do acts with legal effects.
    The following cannot give consent:
    1. Unemancipated minors
    2. insane or demented persons, and
    3. Deaf mutes who do not know how to write (Art. 1327)
     Kinds of Incapacity

    1. Absolute incapacity
    2. Relative incapacity

     Sale of necessaries
    Necessaries include everything that is indispensable for sustenance, dwelling, clothing, medical attendance, education
    and transportation.
     Article 1490. Husband and wife cannot sell property to each other, except on the following:

    1. When a separation of property was agreed upon in the marriage settlements; or


    2. When there has been judicial separation of property under Article 191.
    Article 1491 . The following persons cannot acquire by purchase, even at a public or judicial auction, either in person
    or through the mediation of another.
    3. The Guardian
    4. Agents
    5. Executor
    6. Public officers and employees
    7. Justices, judges, prosecuting attorneys, clerk of superior and inferior courts and other officers and employees
    connected with the administration of justices
     Status of sale in violation of prohibition

    a. For item 1, 2, & 3 the contract is voidable since only private interest are involved.
    b. For item 4 & 5, the contract is void since they are imbued with public interests.
    Note: the Prohibition in Article 1490 and 1491 are applicable to sales in legal redemption, compromise and
    renunciation
    Legal Redemption – this the right to be subrogated, upon the same terms and conditions stipulated in the contract, in
    the place of one who acquires a thing by purchase or dacion in payment, or by any transaction whereby ownership is
    transmitted by onerous title. (Art. 1619)
    Compromise – it is a contract whereby the parties, by reciprocal concessions, avoid a litigation or put an end to one
    already commenced. (Art. 2028)
    Renunciation – it is the gratuitous abandonment by the creditor of his right against the debtor.

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