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Legal Formalities – delivery through the execution of a public document. 33. Necessaries – include everything indispensable for sustenance, dwelling, clothing, medical attendance, education and transportation. 34. Stoppage in transitu – exercised by the seller by obtaining actual possesion of the goods or by giving notice to the carrier or other bailee having actual possession of the goods. 35. Order document of title – Negotiated by indorsement. 36. Right of redemption – right given to an adjoining owner of an urban land to purchase the same ahead of others if such land is held for speculation. 37. Warehouse receipt – contract for the storage of goods for a compensation. 38. Vendee – the person obligated to pay the price of the thing purchased. 39. 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. 40. Absolute incapacity – applies to the person who cannot bind themselves in a contract including a contract of sale. 41. Payment by cession – the creditors are given the right to sell the debtor’s properties and apply their proceeds to their respective claims. 42. Future goods – refers to goods to be manufactured, raised or acquired by the seller. 43. Bearer document of title – negotiated by mere delivery. 44. Waiver intencionada – it is made by the buyer with knowledge of risk of eviction; hence the seller will not have any liability if the buyer is evicted. 45. Traditio brevi manu – delivery that takes place when the buyer who was in possession of teh thing sold at the time of sale continues in possession of the same as an owner. 46. Assignment of credit – it has for its purpose the transfer to another person of the roght to collect the debt.
47. Bailee – includes a warehouseman, carrier, or other person who receives the possession or custody of the thing delivered. 48. Redhibitory defect – even professional inspection is not sufficient to discover it. 49. Auction – sale of property to the highest bidder. 50. Option money – 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. Pledge, Mortgage and Antichresis 1. Pledge – movable property is delivered by the debtor to the creditor or a third person by common agreement to secure a principal obligation. 2. Real estate Mortgage – a mortgage constituted upon an immovable to secure an obligation. 3. Chattel mortgage – a mortgage constituted upon a movable property to secure an obligation. 4. Pactum commissorium – the stipulation in a contract of pledge or mortgage whereby the creditor automatically becomes the owner of the property pledge or mortgaged upon default of the debtor, which stipulation is voic. 5. Foreclosure – the remedy given to the mortgageeby 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. 6. Legal pledge – a pledge created by operation of law. 7. Conventional Pledge – a pledge created by the agreement of the parties. 8. Equity of redemption – the right of the mortgagor to redeem the mortgage property after his default in the performance of his obligation but before the property is sold. 9. Right of redemption – the right of the mortgagor to repurchase a certain period the property that was mortgaged after it was sold for the payment of the mortgaged debt.
10. Inseparability – the character of a contract of mortgage whereby the property upon which the mortgage is imposed is subjected to the fulfillment of the obligation for whose security it was constituted, whoever the possessor of the property maybe. 11. Indivisibility- that which cannot be separated 12. Antichresis- the creditor acquires the right to receive the fruits of an immovable of his debtor, with the obligation to apply them to the payment of the interest, if owing, and thereafter to the principal of his credit. 13. Affidavit of good faith- an oath in a contract of chattel mortgage wherein the parties severally swear that the mortgage is made for the purpose of securing the obligation specified in the conditions thereof and for no other purposes and that the same is just and valid obligation and one not entered into for purposes of fraud 14. Pledgor –the party who constitutes the contract of pledge 15. Mortgagor- the party who constitutes the contract of mortgage in order to secure the fulfilment of an obligation 16. Equitable mortgage - one which although lacking in some formality, form or words, or other requisites prescribed by statute, nevertheless reveals the intention of the parties to charge a real property as a security for a debt, and contains nothing contrary to law 17. Upset price- minimum price for which a property or goods can be sold in an auction or public sale 18. Free disposal – property given is free form claims or encumbrances 19. Pledgee – the party for whom the contract of pledge is constituted 20. Mortgagee- the party for whom the contract of mortgage is constituted. Additional Terms to be defined in Credit Transactions: (Eleia, dito mo na lang iinput ung additional sayo.) 37. Natural Accession - Generally refers to the addition of something to personal property through the addition of labor. 38. Improvements - To raise to a more desirable or more excellent quality or condition; make better.
39. Junior Mortgages - Refers to a second mortgage, but it could also be a third or fourth mortgage. 40. insuable interest - Such a real and substantial interest in specific property as will sustain a contract to indemnify the person interested against its loss. 41. 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. 42. Judicial Foreclosure - A judgment by a court in favor of foreclosure of a mortgage or deed of trust, which orders that the real property which secured the debt be sold under foreclosure proceedings to pay the debt. 43. Extrajudicial Foreclosure - Can be resorted to if the mortgage deed expressly authorizes the mortgagee to sell the property at public auction upon default of the mortgagor. 44. Deficiency - the state of being deficient; lack; incompleteness; insufficiency. 45. Deficiency Judgment - In foreclosure proceedings, if proceeds from the sale of the mortgaged property fail to pay the property owner’s debt in full, the mortgagee creditor may obtain a deficiency judgment to recover the unsatisfied portion of the loan. 46. Redemption - Recovery of something pawned or mortgaged. 47. Right of redemption - Legal right of any mortgagor or borrower who owns real estate to reclaim his or her property. 48. Tipo - The lowest price at which an item of property may be auctioned or sold at public sale. 49. Pactum De Non Alienando - Is Non-alienation pact. It is a clause in a mortgage giving the mortgagee the right to foreclose by executory process directed solely against the mortgagor, and giving him or her the right to seize and sell the mortgaged property, regardless of any subsequent alienations. 50. Formal Contract - A contract that is created using a set of prescribed formalities. 51. Consensual - Existing or made by mutual consent without an act of writing; involving or based on mutual consent.
52. Growing Crops - A crop must be considered and treated as a growing crop from the time the seed is deposited in the ground, as at that time the seed loses the qualities of a chattel, and becomes a part of the freehold, and passes with a sale of it. 53. Large Cattle - Includes a one-year old horse, mule, ass, carabao, or other domesticated members of the bovine family. 54. after acquired property - Personal or real property acquired by a debtor after he/she has agreed that all his/her property secures a debt. Thus, the new property also becomes security for the debt. Agency 1. Agency – a relationship which implies a power in an agent to contract with a third person on behalf of a principal 2. Fiduciary – based on trust and confidence 3. Implied agency- one which is implied by the acts of the principal, from his silence or lack of action or his failure to repudiate the agency, knowing that another person is acting on his behalf without authority 4. Express agency- one where the agent has been actually authorized by the principal either orally or in writing 5. General agency- one which comprises all the business of the principal 6. Special agency – one authorizing only the performance of a specific act or acts. 7. General power of attorney - Means whereby a person (the principal) nominates another person to act on his behalf. This power will include the right to act for the principal in all matters. 8. Special power of attorney – Agent’s power is limited to a specific act or situation 9. Substitute - One that takes the place of another; a replacement. 10. Commission Agent – Someone who sells a company's products and receives a part of the money paid for the goods for doing this.
11. Broker - An individual or firm which acts as an intermediary between a buyer and seller, usually charging a commission. For securities and most other products, a license is required. 12. Del Credere commission - One under which the agent, in consideration of an additional premium, engages to insure to his principal not only the solvency of the debtor, but the punctual discharge of the debt; and he is liable, in the first instance, without any demand from the debtor. 13. Civil interdiction - An accessory penalty, which has the effect of depriving the offender during the time of his sentence of the rights of parental authority, or guardianship, either as to the person or property of any ward, of marital authority, of the right to manage his property and of the right to dispose of such property by any act or any conveyance inter vivos. 14. Principal - A party who designates another (the agent) to act on his or her behalf. 15. Agent - One that acts or has the power or authority to act or one empowered to act for or represent another. 16. Compromise - An agreement between two or more persons, who, to avoid a lawsuit, amicably settle their differences, on such terms as they can agree upon. 17. Arbitration - The hearing and determining of a dispute or the settling of differences between parties by a person or persons chose nor agreed to by them. 18. Revocation - mutual cancellation of a contract by the parties to it or withdrawing an offer before it is accepted. 19. Withdrawal - the act of taking back or away something that has been granted or possessed. 20. Instructions - The act of instructing, teaching, or furnishing with knowledge; information. Additional Terms to be defined in Agency: 1. Novation - The substitution of a new contract for an old one. The new agreement extinguishes the rights and obligations that were in effect under the old agreement.
2. Compromise - An agreement between two or more persons, who, to avoid a lawsuit, amicably settle their differences, on such terms as they can agree upon. 3. Arbiter - A person or agency whose judgment or opinion is considered authoritative. 4. Donation - An act or instance of presenting something as a gift, grant, or contribution. 5. Partnership - A legal contract entered into by two or more persons in which each agrees to furnish a part of the capital and labor for a business enterprise, and by which each shares a fixed proportion of profits and losses. 6. Guaranty - An undertaking to answer for the payment of a debt or the performance of a duty of another in case of the other's default or miscarriage. 7. Succession - The act or process of following in order or sequence. 8. Acts of Strict Dominion - The right of the owner of a thing to use it or dispose of it at his pleasure. 9. Actual Agent - An agent that is in fact employed by a principal. 11. Universal Agent - Agent who is authorized to perform all acts or duties his or her principal is empowered to perform. 12. Ostensible Agent - A person who has been given the appearance of being an employee or acting (an agent) for another (principal), which would make anyone dealing with the ostensible agent reasonably believe he/she was an employee or agent. 13. Agent by necessity - An agency created by an emergency arising from a situation making it necessary or proper for the agent to act without receiving the authorization of the principal, in order to prevent harm to the principal. It arises when a duty is imposed on a person to act on behalf of another apart from contract and to prevent irreparable injury. Such an agency relationship is recognized by the courts. 14. Authority – A right coupled with the power to do an act or order others to act. 15. Power - capability of acting or of producing an effect [parties of unequal bargaining].
16. Lease of services - Equipment leasing arrangement under which the lessor provides periodic maintenance and breakdown repairs services. 17. Independent Contractor - one that contracts to do work or perform a service for another and that retains total and free control over the means or methods used in doing the work or performing the service. 18. Negotiorum Gestio - the management of or interference with the business or affairs of another without authority. 19. Loan - a transfer or delivery of money from one party to another with the express or implied agreement that the sum will be repaid regardless of contingency and usually with interest. 20. Brokerage – an establishment of brokers which functions as an intermediary between a buyer and a seller who usually charges a commission. 21. Partnership - an association of two or more persons or entities that conduct a business for profit as co-owners. 22. Agency to sell - Contractual arrangement under which an agent acquires the right to negotiate sale of a principal's goods or services, usually in exchange for a commission or fee computed as a percentage of sales generated. 23. Trust - Legal entity created by a party (the trustor) through which a second party (the trustee) holds the right to manage the trustor's assets or property for the benefit of a third party (the beneficiary). 24. Agency by estoppel - Legally binding agency relationship that may arise where, in fact, no formal agency agreement is in effect. A principal may give an appearance of agency relationship by, for example, furnishing his or her firm's call cards or other stationery to the agent. In such cases, the existence of an agency may be presumed, and the principal may be bound by the acts of the agent performed on the principal's behalf. Also called presumption of agency. See also partnership by estoppel. 25. Agency counched in general terms (general power of attorney) – this type of agency where the authority comprises only acts of administration.
26. Agency couched in specific terms – a type of agency which requires a special power of attorney that stipulates specified acts that the agent is authorized to perform. 27. Power of attorney - this refers to the written authorization to an agent to perform apecified acts inbehalf of his principal, which acts, when performed, shall have a binding effect on the principal. 28. Disclosed principal - principal who is known by third parties, and his or her identity is known. 29. Partially disclosed principal - who is known by third parties, but his or her identity is not known. 30. Authority - legal power inherent in a particular job, function, or position that is meant to enable its holder to successfully carry out his or her responsibilities. 31. Guaranty commission agent – a commission agent who bears the risk of collection and to pay the principal the proceeds of the sale on the same terms agreed upon with the purchaser if he receives on a sale. 32. Incompatible contract - contract made between the original parties, or between a third party and an original party, before or at the same time the first or main contract is made. It is entered into commonly because (1) its terms are incompatible with those of the main contract, (2) rules of evidence preclude its incorporation in the main contract, (3) the main contract is defective, or (4) the contracting parties are different (involve a third party). 33. Stipulation pour autrui - a contract or provision in a contract that confers a benefit on a third-party beneficiary. 34. Agency by operation of law – a kind of agency which is made due to existing laws and not an agreement or court order. 35. Insolvency - the situation where the liabilities of a person or firm exceed its assets. 36. Insanity - unsoundness of mind or lack of the ability to understand that prevents one from having the mental capacity required by law to enter into a particular relationship, status, or transaction or that releases one from criminal or civil responsibility.
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