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LEGAL ASPECT IN SELLING

1. ARTICLE 1458 2. ESSENTIAL ELEMENTS – ART 1319-1355 3. KINDS OF ARTICLE 1458 4. ARTICLE 1475 5. ARTICLE 1476 6. CHARACTERISTICS 7. ARTICLE 1868 8. DIFFERENCE CONTRACT OF SALE FROM CONTRACT / AGENCY TO SELL 9. REQUISITES CONCERNING OBJECT OF A CONTRACT OF SALE 10. WHEN AN OBJECT OF A CONTRACT OF SALE IS CONSIDERED “DETERMINATE?” 11. WHAT KINDS OF THINGS MAY BE OBJECTS OF A CONTRACT OF SALE? 12. WHAT IS CONTRACT FOR PIECE OF WORK? 13. CONTRACT OF BARTER 14. DISTINGUISH BETWEEN “CONTRACT OF SALE” FROM “CONTRACT OF BARTER” 15. WHEN IS PRICE CONSIDERED CERTAIN – ARTICLE 1469 / 1472 16. WHAT IS THE EFFECT IF THW PRICE IS FIXED BY ONE OF THE CONTRACTING PARTIES? 17. ARTICLE 1469, 1472,1473,1474 18. WHAT IS THE EFFECT OF “GROSS INADEQUENCY OF PRICE” IN A CONTRACT OF SALE? 19. • WHAT IS THE EFFECT OF “PRICE SIMULTATION” IN A CONTRACT OF SALE? 20. KINDS OF SIMULTATIONS 21. SALE BY AUCTION 22. WHAT ARE KINDS OF DELIVERY 23. DIFF. FORMS/KINDS OF CONSTRUCTIVE DELIVERY/OBLIGATION OF BUYER 24. WHAT IS “EARNEST MONEY” 25. ARTICLE 1483, 1484, 1489, 1490, 1491 26. ARTICLE 1493, 1494, 1495, 1497-1501 27. WHAT ARE THE KINDS 28. WHAT IS PUBLIC INSTRUMENT 29. WHAT ARE THE KINDS OF WARRANTIES 30. OBLIGATIONS OF BUYERS/ VENDEE 31. BREACH OF CONTRACT OF SALE/ OF GOOD 32. REMEDIES OF THE BUYER AS AGAINST THE SELLER IN CASE OF BREACH OF WARRANTIES 33. HOW IS CONTRACT OF SALE DISTINGUISHED? 34. WHAT ARE CONSIDERED EQUITABLE MORTAGE INSTEAD OF CONTRACT OF SALE 35. WHAT IS PACTO DE RETRO SALE? 36. ADVANTAGES/ DISADVANTAGES

ARTICLE 1458

Contract of Sale By the contract of sale one of the contracting parties obligates himself to transfer the ownership of and to deliver a determinate thing and the other to pay

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...Subject: Principles of Insurance and Banking Course Code: FM-306 Lesson: 1 Author: Dr. S.S. Kundu Vetter: Dr. B.S. Bodla NEGOTIABLE INSTRUMENTS ACT, 1881 STRUCTURE 1.0 1.1 1.2 1.3 1.4 1.5 Objectives Introduction Meaning of Negotiable Instruments Characteristics of a negotiable instrument Presumptions as to negotiable instrument Types of negotiable Instrument 1.5.1 Promissory notes 1.5.2 Bill of exchange 1.5.3 Cheques 1.5.4 Hundis 1.6 Parties to negotiable instruments 1.6.1 Parties to Bill of Exchange 1.6.2 Parties to a Promissory Note 1.6.3 Parties to a Cheque 1.7 1.8 Negotiation 1.7.1 Modes of negotiation Assignment 1.8.1 Negotiation and Assignment Distinguished 1.8.2 Importance of delivery in negotiation 1.9 Endorsement 1.10 Instruments without Consideration 1.11 Holder in Due Course 1.12 Dishonour of a Negotiable instrument 1.13 Noting and protesting 1.14 Summary 1.15 Keywords 1.16 Self Assessment Questions 1.17 References/Suggested readings 1.0 OBJECTIVES After reading this lesson, you should be able to• • • • Understand meaning, essential characteristics and types of negotiable instruments; Describe the meaning and marketing of cheques, crossing of cheques and cancellation of crossing of a cheque; Explain capacity and liability parties to a negotiable instruments; and Understand various provisions of negotiable instrument Act, 1881 regarding negotiation, assignment, endorsement, acceptance, etc. of negotiable instruments. 1.1 INTRODUCTION The Negotiable Instruments...

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