REGULATORY FRAMEWORK AND LEGAL ISSUES IN BUSINESS
2023 04-AC-00048-0 978-621-04-4500-8 BS Accountancy
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CONTENTS
CONTENTS
RighttoRepurchase ................................................. 101 LegalRedemption................................................... 106
PREFACE .......................................................... xvii
UNIT I THE LAW ON SALES
CHAPTER 7: ASSIGNMENT OF CREDITS AND OTHER INCORPOREAL RIGHTS
1
112
UNIT II CREDIT TRANSACTIONS AND CONTRACTS OF SECURITY
CHAPTER 1: NATURE AND FORM OF CONTRACT
2
Characteristics of a Contract of Sale . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 Contract of Sale Distinguished from Other Contracts . . . . . . . . . . . . . . . . . . . . . . 3 EssentialElementsofaContractofSale................................. 7 ObjectofaContractofSale........................................... 8 PriceinaContractofSale ............................................ 12 Consent or Meeting of the Minds in a Contract of Sale. . . . . . . . . . . . . . . . . . . . . 15 Formalities of a Contract of Sale . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 Recto Law . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22
119
CHAPTER 1: COMMODATUM AND MUTUUM
121
Commodatum versusSimpleLoan;Perfection............................ 122 Nature of Commodatum .............................................. 122 ObligationsoftheBailee ............................................. 123 ObligationsoftheBailor.............................................. 125 Nature of Simple Loan or Mutuum ..................................... 127
CHAPTER 2: CAPACITY TO BUY OR SELL
32
CHAPTER 2: LETTERS OF CREDIT
133
Capacity to Contract ................................................. 32 Effects of the Contract When the Thing Sold Has Been Lost. . . . . . . . . . . . . . . . . 34
PartiestoaLetterofCredit........................................... 136 HowtheLetterofCreditOperates ..................................... 139 Doctrine of Independence . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 141 Fraud Exception Principle ............................................. 143 DoctrineofStrictCompliance ......................................... 144
CHAPTER 3: OBLIGATIONS OF THE VENDOR
38
LESSON I: GENERAL PROVISIONS ..................................... 38 DeliveryoftheThingSold........................................ 42 PossessionorOwnershipinGoods................................. 43 NegotiableDocumentsofTitle.................................... 47 PlaceandTimeofDelivery ....................................... 52 Remedies of Unpaid Seller . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54 Possessory Lien ..................................................... 55 Right of Stoppage in Transitu .......................................... 56 RightofResale...................................................... 58 RighttoRescindSale................................................. 59 Sale of Real Property by Unit of Measure or Number or for a Lump Sum . . . . . . 59 Double Sale ........................................................ 61 LESSON II: CONDITIONS AND WARRANTIES ........................... 66 WarrantyinCaseofEviction...................................... 69 Warranty against Hidden Defects of or Encumbrances upon the Thing Sold .................................................. 73
iii
CHAPTER 3: GUARANTY
150
v NatureandExtentofGuaranty........................................ 150 Effects of Guaranty between the Guarantor and the Creditor . . . . . . . . . . . . . . . 157 Effects of Guaranty between the Debtor and the Guarantor . . . . . . . . . . . . . . . . 161 Effects of Guaranty as Between Co-Guarantors. . . . . . . . . . . . . . . . . . . . . . . . . . . 163 Suretyship vs. Guaranty . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 164 Extinguishment of Guaranty . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 167 LegalandJudicialBonds.............................................. 169
CHAPTER 4: PERSONAL PROPERTY SECURITY ACT (REPUBLIC ACT NO. 11057)
172
Creation of Security Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 173 PerfectionofSecurityInterest......................................... 176 Continuity of Perfected Security Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 178 RegistrationandtheRegistry.......................................... 179 PriorityofSecurityInterest ........................................... 180 Amendment and Termination of Notice . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 182 Extinguishment of Security Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 186 Enforcement of Security Interests and Secured Creditor’s Rights. . . . . . . . . . . . . 186 ExpeditedRepossessionoftheCollateral................................ 186
CHAPTER 4: OBLIGATIONS OF THE VENDEE
82
CHAPTER 5: ACTIONS FOR BREACH OF CONTRACT OF SALE OF GOODS
90
CHAPTER 6: EXTINGUISHMENT OF SALE
96
Conventional Redemption Defined . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 96 Equitable Mortgage . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 97
CHAPTER 5: MORTGAGE
194
UNIT III SECURITIES REGULATION CODE (REPUBLIC ACT NO. 8799)
11
iv
206
PowersandFunctionsoftheSEC....................................... 207
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