Ownership Is Reserved In A Contract To Sell
Category: Sales
Ownership Is Reserved In A Contract To Sell
In a contract to sell, ownership is retained by a seller and is not to be transferred to the vendee until full payment of the price. Such payment is a positive suspensive condition, the failure of which is not a breach of contract but simply an event that prevents the obligation from acquiring binding force. (Heirs of Pedro Escanlas vs. CA, 281 SCRA 176 (1997).
In a contract of sale, the non-payment of the price is a resolutory condition which extinguishes the transaction that, for a time, existed and discharges the obligation created under the transaction. A seller cannot unilaterally and extrajudicially rescind a contract of sale unless there is an express stipulation authorizing it. In such case, the vendor may file an action for specific performance or judicial rescission. (Benito vs. Saguitan-Ruiz, 394 SCRA 250 (2002); Heirs of Jesus Mascuñana vs. CA, et al., G.R. No. 158646, June 23, 2005).
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Ownership Is Reserved In A Contract To Sell
Category: Sales
Ownership Is Reserved In A Contract To Sell
In a contract to sell, ownership is retained by a seller and is not to be transferred to the vendee until full payment of the price. Such payment is a positive suspensive condition, the failure of which is not a breach of contract but simply an event that prevents the obligation from acquiring binding force. (Heirs of Pedro Escanlas vs. CA, 281 SCRA 176 (1997).
In a contract of sale, the non-payment of the price is a resolutory condition which extinguishes the transaction that, for a time, existed and discharges the obligation created under the transaction. A seller cannot unilaterally and extrajudicially rescind a contract of sale unless there is an express stipulation authorizing it. In such case, the vendor may file an action for specific performance or judicial rescission. (Benito vs. Saguitan-Ruiz, 394 SCRA 250 (2002); Heirs of Jesus Mascuñana vs. CA, et al., G.R. No. 158646, June 23, 2005).
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