Contract law. Sales and purchase agreement (most important)

Lecture notes, cheat sheets
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Contract law. Sales and purchase agreement (most important)

Lecture notes, cheat sheets

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23. AGREEMENT OF PURCHASE AND SALE

A purchase and sale agreement is an agreement under which one party (seller) undertakes to transfer ownership of property to another party (buyer), who undertakes to pay a certain amount of money for it.

This agreement is:

1) consensual - the law does not consider the transfer of goods a prerequisite for concluding a contract, therefore the contract is considered concluded from the moment when the parties have reached an agreement on all essential conditions;

2) compensated - the basis for the fulfillment of the obligation to transfer the goods is the receipt of counter satisfaction in the form of the purchase price, and vice versa;

3) mutual - the existence of subjective rights and obligations for both parties to the contract of sale.

A purchase and sale agreement gives rise to an obligation to alienate property for a fee for the purchase price in the form of a sum of money, which allows it to be distinguished from other agreements.

Thus, the donation agreement provides for the gratuitous alienation of property. In an exchange agreement, it is not money that acts as a consideration, but other goods, etc.

The parties to the contract of sale - the seller and the buyer can be any entity: citizens, legal entities or the state. However, the possibility of their participation in certain types of purchase and sale may be limited both by the nature of the contract itself and by the peculiarities of the legal status of the subject (scope of legal capacity, nature of real rights to property, etc.).

The only essential condition of the contract - subject of the purchase and sale agreement.

The price and term of the purchase and sale agreement are not its essential terms, except as provided by law.

Form of contract

(depending on the type of purchase and sale agreement):

1) oral;

2) written (simple or notarial).

Rights and obligations of the seller.

The main obligation for the seller is to transfer the goods to the buyer, which includes a number of requirements and involves the transfer of goods:

1) by handing over the goods or placing them at the disposal of the buyer;

2) together with accessories and documents relating to the goods;

3) in a certain amount;

4) in the agreed assortment;

5) appropriate completeness and in a set, if any;

6) established quality;

7) free from the rights of third parties;

8) in containers and packaging.

Rights and obligations of the buyer:

1) the obligation of the buyer to accept the goods;

2) the obligation to pay for the goods;

3) notify the seller of the improper performance of the contract;

4) the obligation to insure the goods (the last two obligations are additional).

Author: Rezepova V.E.

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