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SALES 1. Barter In this contract. Traditio Constitutum Possessorium Delivery that takes place when the vendor continues in possession of the thing sold after sale but in another capacity such as that of a lessee or depositary 8. Price It is the sum stipulated as the equivalent of the thing sold. and also every incident taken into consideration for the fixing of the same. By-bidders/Puffers Persons who without any intention to buy are employed by the seller to raise the price by fictitious bids thereby increasing competition among the bidders 5. Equitable Mortgage . Symbolic Delivery Delivery that takes place by delivering the keys or the place or depositary where the movable is stored or kept 7. put to the debit of the vendee. 11. Warranty Against Eviction This refers to the implied warranty on the part of the seller that he has the right to sell the thing at the time when ownership is to pass. Accion Redhibitoria This is directed against the vendor to rescind the sale on account of the same vice or defect in the thing sold which renders it unfit for use or to such extent that had the vendee been aware thereof he would not have acquired it. Policitacion A unilateral promise to sell or to buy a thing which is not accepted 6. Unpaid Seller One who has not been paid or tendered the whole price or who has received a bill of exchange or other negotiable instrument s conditional payment and the condition on which it was received has been broken by reason of the dishonour of the instrument or the insolvency of the buyer or otherwise 9. Legal Redemption It is the right to be subrogated upon the same terms and conditions stipulated in the contract in the place of one who acquired a thing by purchase or dation in payment or by any other transaction whereby ownership is transmitted by onerous title 12. and that the buyer shall from that time have and enjoy the legal and peaceful possession of the thing 10. one of the parties binds himself to give one thing in consideration of the other’s promise to give another thing 2. Piece of Work A contract wherein goods are to be manufactured especially for the customer and upon his special order and not for the general market 3. and agreed by him 4.
Bill Of Lading This refers to the written acknowledgement of the receipt of the goods by a carrier and an agreement to transport and to deliver the goods at a specified place to a person named therein or to his order or to bearer 15. Fungible Goods These are goods of which any unit. has the option to return the same to the seller instead of paying the price 16. Possessory Lien A lien on the goods or right to retain them while he is in possession of them 23. Easement or Servitude . Eviction Juridical process whereby the vendee is deprived of the whole or part of the thing purchased by virtue of a final judgment based on a right prior to the sale or an act imputable to the vendor 24. Emptio Rei Sperati It is a sale of thing which is expected to come into existence. Traditio Longa Manu Delivery of a movable by mere consent or agreement of the parties that the thing cannot be transferred to the possession of the vendee at the time of sale 22. Dacion En Pago It is a special form of payment wherein the delivery of a thing serves as the payment 17. although it lacks the proper formalities of a mortgage.It is one which. Document of Title This is any document used in the ordinary course of business in the sale or transfer of goods. goods represented by the document 14. the quality and quantity of which are unknown but not the thing itself which will definitely come into existence 20. shows the intention of the parties to make the property subject of the contract as a security for the fulfilment of an obligation 13. Sale Or Return It is a contract by which property is sold but the buyer. as proof of the possession or control of the goods or authorizing or purporting to authorize the possessor of the document to transfer or receive either by endorsement or by delivery. who becomes the owner of the property on delivery. from its nature or commercial usage is regarded as the equivalent of any other unit such as oil or grain 18. Earnest Money Money given as part of the purchase price and as proof of the perfection of the contract 21. Straight Sale The balance is payable in its entirety after the payment of the initial sum 19.
. i. Legal formalities Delivery through the execution of a public document 33. Accion Quanti Minoris This is directed against the vendor for the return of a part of the purchase price because of the hidden defects 26. Right of pre-emption This is when the adjoining owner shall be given the right to buy the property before it is offered to others 37. Waiver consciente A waiver that is voluntary made by the vendee without the knowledge and assumption of the risks of eviction 31. Pactum Commisorium This is a stipulation in a pledge or mortgage which provides for automatic forfeiture. There is no certainty that the thing will exist.Easement is a benefit which is enjoyed by an immovable in relation to another immovable Servitude is an encumbrance imposed upon an immovable for the benefit of another immovable belonging to a different owner 25. with the obligation of returning the price of the sale. Vendor This is the person who obligates himself to deliver the subject matter in a contract of sale 29. in keeping with the financial capacity of the family of the incapacitated person 34. Emptio spei This refers to sale of hope or expectancy.e. dwelling. Stoppage in transit The right of a seller to prevent the delivery of goods to a buyer after such goods have been delivered to a common carrier for shipment 35. the necessary and useful expenses made on the thing and other payments made by reason of sale 28. the expenses of the contract. more so its quality and quantity 32. cannot purchase certain property 30. Conventional Redemption The vendor reserves the right to repurchase the thing sold. Warehouse receipt . that ownership of the thing pledged or mortgaged shall pass to the creditor by the mere default of the debtor 27. Relative incapacity A kind of incapacity which applies to certain persons who. Necessaries Those things which are needed for sustenance. under circumstances. Order document of title “Deliver the goods to the order of (customer’s name)” 36. clothing and medical assistance.
Payment by cession It is the process by which a debtor transfers all the properties subject to execution in favour of his creditors so that the latter may sell them and apply the proceeds to the credit 42.This is a written acknowledgement by a warehouse man of the receipt of the goods which are placed in his possession 38. Future goods Goods that are to be manufactured raised or acquired 43. the approval of the buyer being a condition precedent 40. Traditio brevi manu Delivery that takes place when the vendee is already in the possession of the thing sold even before the sale and thereafter continues in possession thereof in the concept of an owner 46. Absolute incapacity Incapacity is absolute in the case of persons who cannot bind themselves (e. insane. Assignment of credit This is a contract whereby a person (assignor) transfers his credit right or action against a third person to another person (assignee) for a consideration which is certain in money or its equivalent 47.g. Waiver intencionada Waiver made by the vendee with knowledge of the risks of eviction and assumption of its consequences 45. idiots) 41. deaf mutes who cannot write. and then selling the item to the highest bidder 50. Auction Process of buying and selling goods or services by offering them up for bid. taking bids. Bailee A person or party to whom goods are delivered for a purpose without transfer of ownership 48. Option A promise which meets the requirements for the formation of a contract and limits the promisor’s power to revoke the contract . Redhibitory defect It is a defect of such a nature that expert knowledge even in case of professional inspection is not sufficient to discover it 49. Vendee The person who obligates himself to pay a sum of money for the property in a contract of sale 39. Sale on trial It is a contract in the nature of an option to purchase if the goods prove satisfactory. Bearer document of title “Deliver the goods to bearer” 44. minors.
8. 6. Antichresis A contract whereby the fruits of an immovable belonging to the debtor or a third person are to be applied to the interest of. MORTGAGE. 2. 7. which lien continues until the obligation it secures has been fully paid. Pactum Commissorium The stipulation in a contract of pledge or mortgage whereby the creditor automatically becomes the owner of the property pledged or mortgaged upon default of the debtor. Conventional Pledge A pledge created by agreement of the parties. Indivisibility The character of pledge or mortgage whereby a lien is created on the property pledged or mortgaged. which stipulation is void. 9. 10. 3. and that the obligation is a just and valid obligation. Chattel Mortgage A mortgage constituted upon a movable property to secure an obligation. and thereafter to. whoever the possessor of the property may be. and one not entered into for the purpose of fraud. Foreclosure The remedy given to the mortgagee by which he subjects the mortgaged property to the satisfaction of the obligation through the sale of the mortgaged property at public auction and the application of the proceeds of the sale to the payment of his claim. AND ANTICHRESIS 1. 11. Legal Pledge A pledge created by operation of law. 5. 13. and for no other purpose. Pledge Movable property is delivered by the debtor to the creditor or a third person by common agreement to secure a principal obligation. Affidavit of Good Faith A sworn statement attesting to the fact that the mortgage is made for the purpose of securing the obligation specified in the conditions thereof.PLEDGE. 4. Real Estate Mortgage A mortgage constituted upon an immovable to secure an obligation. Inseparability The character of a contract of mortgage whereby the property upon which the mortgage is imposed is subjected to the fulfilment of the obligation for whose security it was constituted. Equity of Redemption The right of the mortgagor to redeem the mortgaged property after his default in the performance of his obligation but before the property is sold. the principal obligation 12. Pledgor .
. Pledgee The party who receives a movable property from another to secure the latter’s debt or that of another. 18. Mortgagee The party in whose favour a security is constituted upon a movable or immovable property but without the delivery of the property to him. 16. The party who delivers a movable property to another to secure his debt or that of another person Mortgagor The party who constitutes a security upon an immovable property but without delivering the property Equitable Mortgage One lacking the formalities of a mortgage but nevertheless shows the intention of the parties that a certain property shall secure an obligation. Free Disposal The property being given in the pledge or mortgage must not be subject to any claims or encumbrances. 15.14. 19. Upset Price The price stipulated by the parties in a mortgage below which the property shall not be sold in the event of foreclosure. 17.
Del credere commission The receipt thereof by the agent. Fiduciary The nature of the relationship of the principal and the agent. Broker He serves as intermediary between his principal and the buyer or seller and has no relation to the property subject matter of the transaction 12. Implied agency The agency that is inferred from the acts of the principal or from his silence or inaction. Agency A contract whereby a person binds himself to render some service or to do something in representation or in behalf of another. Special power of attorney The authority required when the act to be performed by an agent is an act of ownership or strict dominion. Principal The person who gives authority to another to perform a certain act in the former’s behalf . General agency It comprises all the business of the principal 6. with the consent and authority of the latter 2. General power of attorney The authority given by the principal to his agent when the act to be performed is an act of administration 8. Civil interdiction A penalty which deprives a person of the right to manage or dispose his property and which will cause the extinguishment of an agency if imposed upon the principal or the agent 14. which is founded on trust and confidence 3. Commission agent A person who buys and sells goods consigned or delivered to him by his principal. for a compensation known as commission. or from his failure to repudiate the agency knowing that another person is acting in his behalf with authority 4. in addition to the ordinary commission. or an act where trust and confidence is the essence of the agreement 9. Substitute A person appointed by the agent to perform the tasks entrusted to him by the principal 10. a gratuitous act. 11.AGENCY 1. Express agency It is the agency that is entered into orally or in writing 5. will make the agent bear the risks of collection 13. Special agency It is an agency that comprises one or more specific transactions 7.
members of a corporation aggregate. to avoid lawsuit. Compromise An agreement between two or more persons who. acquire the rights of another set which preceded them 28. to answer for the payment of some debt. Novation A contract wherein an obligation is replaced by a new obligation or replacing a party to an agreement of a new party 22. Donation Gift The act by which the owner of a thing. on such terms as they can agree upon 23. without any consideration 25. Agent A person who performs a service or does something in representation or in behalf of another with the latter’s consent and authority 16. Withdrawal A mode of extinguishment of an agency when the agent terminates the agency by giving notice of such termination to the principal 20. in the first instance. liable to such payment or performance 27. voluntarily transfers the title and possession of the same. Compromise A contract whereby the parties agree to make reciprocal concessions to avoid or end litigation.15. Arbitration This refers to the submission of the controversy to a third person for decision and which will require a special power of attorney when made by an agent in behalf of his principal 18. or the performance of some duty. who is. Arbiter Any person who is given an absolute power to judge and rule on a matter of dispute 24. from himself to another person. Revocation This refers to the act of the principal of terminating the agency at will 19. amicably settle their differences. Guaranty A promise made upon a good consideration. Partnership An association of two or more persons engaged in business enterprise in which the profits and losses are shared proportionately 26. Instructions They refer to the orders given by the principal to his agent relating to the manner by which the agency shall be carried out 21. in case of the failure of another person. and the performance of which by an agent will require a special power of attorney from the principal 17. Acts of Strict Dominion . Succession The mode by which one set of people.
Actual Agent An agent who is expressly authorized to act for or on behalf of the principal 30. Agency to Sell A contractual arrangement under which an agent acquires the right to negotiate sale of a principal’s goods or services 42. Brokerage This is the commission charged by the broker to his principal 40. Partnership An association of two or more persons engaged in business enterprise in which the profits and losses are shared proportionately 41. Negotiorum Gestio A quasi-contract wherein a person interferes in the affairs of another in his absence and this person is entitled to be reimbursed for his expenses in doing so 38. Agent by Necessity An agent whose authority is enlarged because of an impending necessity or emergency in order to cope with the exigencies of the moment 33. Trust A relationship whereby property is held by one party for the benefit of another . Loan A case in which the debtor is given money for purposes of his own and is required to pay the same back 39.Those which give complete control of an area to someone such as making useful improvement on a thing or an agent selling stocks owned by his principal 29. Universal Agent An agent appointed to do all that a principal may personally do An agent authorized to transact all of the business of the principal of every kind 31. business or corporation that provides goods or services to another entity under terms specified in a contract or verbal agreement 37. Authority The power of the agent to affect relations of the principal by acts done in accordance with the principal’s manifestation of consent to him 34. Power The right to execute the agency to the extent of the order or mandate 35. Lease of Services A contract wherein an employee exercises ministerial powers over his employer and the relationship between them can only be terminated by both parties 36. Independent Contractor A natural person. Ostensible Agent An agent who is known to be acting for and on behalf of the principal 32.
Disclosed Principal If at the time of the transaction conducted by the agent. Insanity A case wherein the principal cannot give his consent because he is insane An insane agent on the other hand. Authority Refers to the subject matter upon which the agent is commissioned to act 51. Agency by Operation of Law A kind of agency which is created through the conferment of law 55. Partially Disclosed Principal The other party has notice that the agent is or may be acting for a principal but has no notice of the principal’s identity 50. cannot be expected to carry out the agency . Undisclosed Principal The other party has no notice that the agent is an agent of the principal 49. Agency Couched in Specific Terms One authorizing only the performance of a specific act or acts 46. Agency by Estoppel An agency created in manner wherein the principal’s admission has mislead third persons into believing that the person is an agent of the principal 44. Power of Attorney Refers to a written authorization to an agent to perform specified acts in behalf of his principal which acts when performed shall have abiding effect on the principal 47. Guaranty Commission Agent Person appointed by the principal who aside from ordinary commission gets guarantee commission. Stipulation Pour Autrui This gives the third-party beneficiary a cause of action against the promisor for specific performance 54. Insolvency The inability of a debtor to pay his debt 56. the purpose of which is to guaranty the payment of the buyer and if the buyer does not pay he is liable to the principal 52. Incompatible Contract When two persons contract with regard to the same thing one of them with the agent and the other with the principal and the one of these contracts is not compatible with the other 53.43. Agency Couched in General Terms One which is created in general terms and is deemed to comprise only acts of administration It does not authorize the performance of acts of strict dominion which requires special power of attorney 45. the third party has notice that the agent is acting for a principal and of the principal’s identity 48.
bills of lading. or undertakes a performance without first securing a reciprocal agreement from the other party 6. Extrajudicial deposit It has two types: voluntary. Conventional pledge A pledge crated by the agreement of the parties 9. a delivery is made by the will of the depositor or by two or more persons each of whom believes himself entitled to the thing deposited and necessary. which lien continues until the obligation it secures has been fully paid 8.CREDIT TRANSACTIONS 1. either by the same parties or by others. control. Subsidiary An enterprise controlled by another (called the parent) through the ownership of greater than 50 percent of its voting stock 7. Susceptible of possession The ownership. bonds. warehouse receipts and similar documents 11. including delivery of goods within specified time and whatever other conditions are applicable to the transaction. shares of stocks. Judicial deposit A deposit when an attachment or seizure of property in litigation is ordered 12. Diligence of a good father of the family . mortgages. by a person 10. as a security for his debt 2. Credit A form of security offered to a seller that provides for payment by a bank or financial institution upon certain conditions being met. Accessory contract A contract made for assuring the performance of a prior contract. or on the occasion of any calamity. Real contract A contract which require the interposition of thing as the subject of them 4. Incorporeal rights These are rights evidenced by negotiable instruments. most frequently land or Personal Property. such as surety ship. a delivery made in compliance with legal obligation. and pledges 5. 3. or occupancy of a thing. Personal property A property placed by the debtor in possession of his creditor. Unilateral contract A contract in which only one party makes an express promise. or by travellers in hotels and inns or by travellers with common carriers 13. Indivisible The character of pledge or mortgage whereby a lien is created on the property pledged or mortgaged.
This subrogation is an equitable device used to avoid injustice. demand. should pay it. Highest bidder He who. 16. remedies. at an auction. provided there has been no unfairness on his part. Right of reimbursement The right of the mortgagor to repurchase within a certain period the property that was mortgaged after it was sold for the payment of the mortgaged debt 18. Depository’s Right of Retention The depositary may retain the thing deposited until the full payment of what may have been due him by reason of the deposit. 19. Real Right It creates a lien on the property mortgaged whereby the mortgagee has a right to have the mortgaged property sold to satisfy his claim. Dation in payment It is a mode of discharging a debt or claim by the debtor's giving to the creditor with the latter's consent something in full satisfaction of the obligation but of a character different from that orig.Care and caution that we would have otherwise done in the exercise of handling the affairs of our own family 14. and its rights. or Securities. offers the greatest price for the property sold. in Equity and good conscience. and he is not therefore answerable except for gross neglect 21. The purpose of subrogation is to compel the ultimate payment of a debt by the party who. with the obligation of safely keeping it and of returning the same. and the owner claims it from the depositary. Depositor He who makes a deposit and is generally entitled to receive the deposit from the depositary. Deposit Constituted from the momenta person receives a thing belong to another. 17. 22. 23. or right. Real Property . The highest bidder is entitled to have the article sold at his bid. and for this reason. the depositary is bound to slight diligence only. called for by the obligation 15. Being a bailee without reward. 20. that he can never be in a better situation than the owner. so that he or she who is substituted succeeds to the rights of the other in relation to the debt or claim. but to this rule there are exceptions. as. the depositor cannot recover it. Depositary He with whom a deposit is confided or made It is the essence of the contract of deposits that it should be gratuitous on the part 'of the depositary. Right of subrogation The substitution of one person in the place of another with reference to a lawful claim. When the depositor at the time of making the deposit had no title to the property deposited.
or cannot be removed without an extraneous power. benefit. This doctrine should be used and applied more often. 26. But this definition. 35. a piece of furniture in a man's own house.An immovable property 24. as. as a debt. Extrajudicial Foreclosure . are things in general. whether they move themselves. and not to such as are so only by the destination of the law. or advantage arising out of property that is of such nature that it may properly be indemnified 33. a horse in actual use. as cattle. which are therefore said to be in action. Example: a rich landlord dealing with a poor tenant who has no choice and must accept all terms of a lease. Natural Accessions These are alluvion caused by natural events 30. 25. or such as are in the possession of another. Insurable Interest A right. since the tenant cannot afford to move. Movables are further distinguished into such as are in possession. Alienable Real Rights Rights which can be transferred i. strictly speaking. no matter how restrictive or burdensome. Junior Mortgagees Second mortgagees 32. and can only be recovered by action. Conventional Mortgage Mortgage which is created by the agreement of the parties 27.e. right of usufruct. res immobiles. 29. Contract of Adhesion A contract (often a signed form) so imbalanced in favor of one party over the other that there is a strong implication it was not freely bargained. such as cannot move themselves or be removed from one place to another. Improvements These are industrial accessions 31. as inanimate things. An adhesion contract can give the little guy the opportunity to claim in court that the contract with the big shot is invalid. is applicable only to such things as are immovable by their own nature. Judicial Foreclosure This is a foreclosure made through filing a petition in court. Immovable Immovables. 34. Legal Mortgage Mortgage executed pursuant to an express requirement of a provision of law 28. Movable Things movable by their nature are such as may be carried from one place to another. or which are in the power of the owner. but the same big guy-little guy inequity may apply in the ability to afford a trial or find and pay a resourceful lawyer.
or other domesticated member of the bovine family 46.) Where such extra-judicial foreclosure sale is made under a special power of attorney inserted in the contract. Redemption The process by which land that has been mortgaged or pledged is bought back or reclaimed. It is accomplished through a payment of the debt owed or a fulfilment of the other conditions. Formal Contract A contract that is created using a set of prescribed formalities 43. the court. shall render judgment against the debtor. 40. Growing Crops Personal property which may be subject matter of chattel mortgage and are raised by yearly manurance and labour and essentially owe their existence to cultivation 45. After Acquired Property Personal or real property acquired by a debtor after he has agreed that all his property secures a debt . upon motion. Deficiency Proceeds of the sale are less than the amount of the debt to be paid. or b. carabao.) Where there is a stipulation in the mortgage contract that the mortgage may be foreclosed extra-judicially.This is made in compliance with the provisions of Act. Tipo The price which is set by the parties as the amount at which the property will be sold at a public auction This stipulation is null and void because it contravenes Rule 68 of the Rules of Court which provides that the property mortgaged shall be sold to the highest bidder 41. 3135 in the following cases: a. Right of Redemption This refers to the right of the mortgagor to repurchase the property within a certain period after it was sold for the payment of the mortgage debt. Consensual Perfected by mere consent 44. Large Cattle Includes horse. mule. 38. Deficiency Judgment If the proceeds of sale are not sufficient to satisfy the claim of the creditor. for such balance. 36. 39. No. 37. Pactum De Non Alienando A stipulation forbidding the owner from alienating the immovable mortgaged 42.
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