Study Set Content:
The mere conclusion of a contract of sale does not...
Transfer ownership to the buyer
Upon conclusion of the contract the buyer only obtains...
A personal right (legal claim) against the seller for delivery of the object
sold.
The contract merely enables the buyer to obtain a...
Real right in the object sold
The real right can only exist if...
All the requirements as mentioned, are met.
There is no duty on the seller to transfer ownership to the buyer, as ownership is not...
One of the requirements for a valid and binding contract.
What happens if the seller is in fact the owner of the object sold?
The duty to transfer ownership is present.
When will a buyer obtain ownership (a real right) of immovable property, 3 things?
- When the seller is the owner of the object sold.
- When the seller has the intention of transferring ownership and the buyer has the intention of obtaining ownership.
- When the property is registered in the name of the buyer
What is not required for the transfer of ownership of immovable property?
Payment of the purchaseprice
When will a buyer obtain ownership (a real right) of movable property, things?
- When the seller is the owner of the object sold.
- When both parties have the intention to pass ownership from the seller to the buyer.
When will a buyer obtain ownership (a real right) of movable property in a cash sale?
- The seller must deliver the object to the buyer; and
- The buyer must pay the purchase price
When will a buyer obtain ownership (a real right) of movable property in a credit sale?
- Only requirement is delivery of the object to the buyer.
- The price does not have to be paid to transfer ownership, as is the case with a cash sale
What determines whether it is a cash or a credit sale?
Intention of parties
The distinction between a cash and a credit sale is of...
Material interest in order to determine the passing of the right of ownership.
When does a cash sale exists ?
Where both parties intend to effect delivery and payment of the purchaseprice at the same time, or at least on the same day.
What determines whether it is a cash or a credit sale?
The contract itself.
What is the general presumption regarding cash or credit sale?
Each sale is a cash sale unless the parties expressly or tacitly agree that it is a credit sale.
Mere delivery of the object sold to the buyer does not...
Constitute a credit sale
What happens if it is a cash payment and the seller has not received payment from buyer
The seller is entitled to reclaim the object from the buyer within a reasonable time
What is a reasonable time?
Depend on the facts and circumstances of each case.
If seller does not receive payment in form of cash sale
Intention of parties has changed to credit sale.
