Sales & Lease (Code III) - Louisiana Bar
Exam Questions And All Correct Verified
Answers.
Elements of a sale - Answer consent, thing, and price
sale - Answer a contract whereby a person transfers ownership of a thing to another for a
price in money
form requirements of sale - Answer generally none except sale of immovable must be:
(1) in writing; AND
(2) recorded to be effective against 3P's
sale of movable can be oral but NEED delivery to affect 3P's.
thing - Answer all things corporeal or incorporeal, may be the object of a contract of sale,
unless prohibited by law.
further, the sale of a thing belonging to another does not convey ownership and is null. buyer
may be entitled to damages if did not know.
when the ownership of a thing is the subject of litigation, the sale of that thing during the
pendency of the suit does not affect the claimant's rights.
consent for sale - Answer an agreement on the thing and the price
reasonable price set by court under what circumstances - Answer 1. thing is a movable of the
kind that a seller habitually sells; and
2. the parties failed to agree on a price after they initially said nothing about the price, or the
initially left the price to be agreed to later
seriousness of price - Answer the price must not be out of all proportion to the value of the
thing and the parties must intend that a price be paid; if not then it is a simulation
, price - Answer -must be in monies
-must be certain or determinable through method agreed upon by parties
IMP: must have a price to be classified as a sale, but it is still a valid contract if not present, but
probably as an innominate contract.
Acceptance forms a contract of sale of a movable if there's an agreement on _____ and _____,
even if ________________. - Answer thing and price, even if acceptance contains terms
different from those contained in the offer
Treatment of different terms when 1 party is not a merchant - Answer considered mere
proposals for modification, contract still comes into being
Treatment of different terms if the sale is between two merchants - Answer the different
terms become part of the contract unless:
(1) they materially alter the offer
(2) offer expressly limits acceptance to the terms of the offer
(3) offeror objects within a reasonable time
Sale of a future thing - Answer Sale of a future thing, along with sale of a hope, is a sale for
things not yet in existence. The coming into existence of the thing is a suspensive condition and
the buyer does not assume the risk if the object does not materialize. Example: Purchasing a
puppy from a breeder who has a pregnant dog
Sale of a hope - Answer Sale of a hope is for things not yet in existence. The sale of a hope is
aleatory - meaning it depends on an uncertain event.
Therefore, the buyer in the sale of a hope assumes the risk and the sale will still have been
perfected even if the thing does not materialize.
For instance, if a fisherman agrees to sell you everything that he catches on his next cast, you
assume the risk if his net comes back empty, and the sale will still be perfected.
General rule for transfer of ownership - Answer ownership is transferred when the parties
agree upon the thing and the price, even though the thing has not yet been delivered and the
Exam Questions And All Correct Verified
Answers.
Elements of a sale - Answer consent, thing, and price
sale - Answer a contract whereby a person transfers ownership of a thing to another for a
price in money
form requirements of sale - Answer generally none except sale of immovable must be:
(1) in writing; AND
(2) recorded to be effective against 3P's
sale of movable can be oral but NEED delivery to affect 3P's.
thing - Answer all things corporeal or incorporeal, may be the object of a contract of sale,
unless prohibited by law.
further, the sale of a thing belonging to another does not convey ownership and is null. buyer
may be entitled to damages if did not know.
when the ownership of a thing is the subject of litigation, the sale of that thing during the
pendency of the suit does not affect the claimant's rights.
consent for sale - Answer an agreement on the thing and the price
reasonable price set by court under what circumstances - Answer 1. thing is a movable of the
kind that a seller habitually sells; and
2. the parties failed to agree on a price after they initially said nothing about the price, or the
initially left the price to be agreed to later
seriousness of price - Answer the price must not be out of all proportion to the value of the
thing and the parties must intend that a price be paid; if not then it is a simulation
, price - Answer -must be in monies
-must be certain or determinable through method agreed upon by parties
IMP: must have a price to be classified as a sale, but it is still a valid contract if not present, but
probably as an innominate contract.
Acceptance forms a contract of sale of a movable if there's an agreement on _____ and _____,
even if ________________. - Answer thing and price, even if acceptance contains terms
different from those contained in the offer
Treatment of different terms when 1 party is not a merchant - Answer considered mere
proposals for modification, contract still comes into being
Treatment of different terms if the sale is between two merchants - Answer the different
terms become part of the contract unless:
(1) they materially alter the offer
(2) offer expressly limits acceptance to the terms of the offer
(3) offeror objects within a reasonable time
Sale of a future thing - Answer Sale of a future thing, along with sale of a hope, is a sale for
things not yet in existence. The coming into existence of the thing is a suspensive condition and
the buyer does not assume the risk if the object does not materialize. Example: Purchasing a
puppy from a breeder who has a pregnant dog
Sale of a hope - Answer Sale of a hope is for things not yet in existence. The sale of a hope is
aleatory - meaning it depends on an uncertain event.
Therefore, the buyer in the sale of a hope assumes the risk and the sale will still have been
perfected even if the thing does not materialize.
For instance, if a fisherman agrees to sell you everything that he catches on his next cast, you
assume the risk if his net comes back empty, and the sale will still be perfected.
General rule for transfer of ownership - Answer ownership is transferred when the parties
agree upon the thing and the price, even though the thing has not yet been delivered and the
