RFBT Terminologies

RFBT TERMINOLOGIES
1. BARTER: The consideration of the contract is another thing.

2. PIECE OF WORK: A contract for the delivery at a certain price of an article to be manufactured
specially for the customer and upon his special order, and not for the general market.
3. PRICE: The sum stipulated as the equivalent of the thing sold.
4. BY-BIDDERS: A person employed by the seller or auctioneer to raise the price in an auction sale.
5. POLICITIATION: A unilateral promise to buy or sell a thing which is not accepted by the promissee
6. SYMBOLIC DELIVERY: Delivery of the keys of the place where a movable is kept or stored
7. TRADITIO CONSTITUTUM POSSESSORIUM: Delivery that takes place when the seller continues
in possession of the thing sold after the sale but as lessee, depositary or otherwise
8. UNPAID SELLER: Includes one who has received as conditional payment for the goods a negotiable
instrument but the condition has been broken by reason of the dishonor of the instrument or the
insolvency of the buyer
9. WARRANTY AGAINST EVICTION: Seller’s undertaking that the buyer shall enjoy legal and
peaceful possession of the thing sold
10. ACCION REDHIBITORIA: Remedy of buyer to withdraw from the sale and ask for damages
11. LEGAL REDEMPTION: The right to be subrogated upon the same terms and conditions stipulated
in the contract, in the place of one who acquires a thing by purchase or dation in payment, or by any
other transaction whereby ownership is transmitted by onerous title
12. EQUITABLE MORTGAGE: Lacks formalities but nevertheless shows the real intention of the parties
to create a specific property to secure the performance of an obligation
13. DOCUMENT OF TITLE: A document used 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
indorsement or by delivery, the goods represented by such document
14. BILL OF LADING: A document issued by a common carrier acknowledging the receipt of the goods
and agreeing to transport and deliver them to a specified place
15. SALE OR RETURN: Ownership is transferred to buyer upon delivery but he has the option to revert
such ownership to the seller
16. DACION EN PAGO: Ownership of a thing is transferred to the creditor to settle a monetary obligation
17. FUNGIBLE GOODS: They refer to interchangeable goods such as grain, oil, etc. that allow one to
be replaced by another without loss of value
18. STRAIGHT SALE: The balance is payable in its entirety after the payment of an initial sum
19. EMPTIO REI SPERATAE: Sale of an expected thing
20. EARNEST MONEY: Proof of the perfection of a contract of sale
21. TRADITIO LONGA MANU: Delivery of a movable by mere agreement of the parties if the thing
cannot be transferred to the vendee at the time of sale
22. POSSESSORY LIEN: An unpaid seller’s right to retain the goods for the price while he is in
possession of them
23. EVICTION: The deprivation by final judgment of the vendee of the whole or a part of the thing sold
based on a right prior to the sale or an act imputable to the vendor
24. EASEMENT: An encumbrance imposed upon an immovable for the benefit of another immovable
belonging to a different owner.
25. ACCION QUANTI MINORIS: Buyer’s remedy which involves the proportionate reduction in the price
of the thing purchased
26. PACTUM COMMISSORIUM: A stipulation in a contract of sale involving an immovable that the sale
is automatically rescinded upon failure of the buyer to pay the price
27. CONVENTIAL REDEMPTION: Right of seller to repurchase the thing sold and the exercise of which
was reserved by the seller at the time of sale
28. VENDOR: The party in a contract of sale who is obligated to transfer the ownership of and to deliver
a determinate thing
29. RELATIVE INCAPACITY: Applies to persons who, under certain circumstances, cannot purchase
certain property
30. WAIVER CONSCIENTE: It is made by the buyer without knowledge of the risk of eviction
31. EMPTIO SPEI: The sale of hope or expectancy
32. 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 possession 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 PRE-EMPTION: 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 persons 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
the proceeds to their respective claims
42. FUTURE GOODS: Refer 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 the 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 the
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 right 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

RFBT Terminologies

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RFBT TERMINOLOGIES

1. BARTER: The consideration of the contract is another thing.

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