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KTH - Theme 1&2 (chap 13).pdf - Theme 1 – Introduction -...

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Theme 1Introduction-The contract of sale is a specific, nominated, reciprocal agreement to buy andsell, in terms of which the seller has the true intention to deliver a determinedor determinable object together with all his rights in the object undisturbed, tothe buyer, and the buyer has the true intention of paying a determined ordeterminable price for the object.-For a contract to qualify as a contract of sale, the seller and the buyer mustreach consensus on theessentialia(minimum essentials parties haveconsensus on) of the sale.-Theseessentialadistinguish a contract of sale from all the other contracts andare:the intention of the seller to sell and the buyer to buy (consensus onthe nature of the contract)the object sold (consensus on what is bought and sold)the purchase price (consensus on the monetary performance owing bythe buyer to the seller)-The contract of sale is thus distinguished from a contract of lease in thatownership does not pass to the lessee, whereas a contract of sale isconcluded with the intention of passing ownership. The contract of lease is oftemporary nature, while a contract of sale is not term-bound.

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Term
Fall
Professor
S van wyk
Tags
Contract of sale

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