Emptio rei speratae meaning in law

Definition & Citations: A purchase in the hope of an uncertain future profit; the purchase of a thing not yet inexistence or not yet in the possession of the seller, as, the cast of a net or a crop to begrown, and the price of which is to depend on the actual gain.

What is Emptio Rei Speratae?

Emptio rei speratae means 'purchase of a thing hoped for' or 'purchase of an awaited thing'. The catch here is that Latin doesn't distinguish between merely hoping for something and actively awaiting it, which illustrates the problem of trying to interpret Law Latin jargon by simply translating it.

What is Emptio Rei Speratae and Emptio Spei?

Distinguish between emptio res speratae and emptio spei. Emptio Rei Speratae is refers to the sale of thing having potential existence; while Emptio Spei refers to the sale of mere hope or expectancy.

What is art 1461 example?

This example would be a sale of a vain hope or expectancy. Article 1461 of the Civil Code provides that the sale of a vain hope or expectancy is void. In case the investors were not refunded their money from the example above, the legal remedy under our laws would be to have such sale declared void.

What Latin term refers to a sale of a mere hope or expectancy?

Emptio Spei ("sale of hope") sale of a mere hope or expectancy, which is deemed subject to a condition that the thing will come into existence (CC, 1461 par 2)

What are the 3 stages of contract of sale?

The stages of a contract of sale are: (1) negotiation, starting from the time the prospective contracting parties indicate interest in the contract to the time the contract is perfected; (2) perfection, which takes place upon the concurrence of the essential elements of the sale; and (3) consummation, which commences ...

What is the doctrine of caveat emptor?

Caveat emptor is a common law doctrine that places the burden on buyers to reasonably examine property before making a purchase. A buyer who fails to meet this burden is unable to recover for defects in the product that would have been discovered had this burden been met.

What is a suspensive condition?

Legally a suspensive condition can be described as a condition which suspends the operation or effect of one, or some, or all, of the obligations under a contract until the condition is fulfilled. If the condition is not fulfilled, then no contract comes into existence.

What is recto law?

Recto Law or the Installment Sales Law

The Recto Law protects those who acquire personal property on installment rather than real property. Legislation known as the Installment Sales Law was enacted in 1933 by Senator Claro M. Recto, dubbed the "Great Academician" for his accomplishments in academia.

What is warranty against eviction?

Eviction, definition, scope of warranty. The seller warrants the buyer against eviction, which is the buyer's loss of, or danger of losing, the whole or part of the thing sold because of a third person's right that existed at the time of the sale.

What Is art 1156 of the Civil Code?

Art. 1156. An obligation is a juridical necessity to give, to do or not to do. Obligation – The requirement to do what is imposed by law, promise, or contract.

What is Article 1356 of the Civil Code?

Article 1356 of the Civil Code then provides that 'contracts shall be obligatory, in whatever form they may have been entered into, provided all the essential requisites for their validity are present.

What is a contract as defined under art 1305 Civil Code?

The Civil Code states: Article 1305. A contract is a meeting of minds between two persons whereby one binds himself, with respect to the other, to give something or to render some service.

Is emptio Rei Speratae valid?

In case of doubt, emptio rei speratae is presumed. The Civil Code recognizes the sale of things not actually owned by the seller in the following instances: 1.) Sale of a thing having potential existence (Art.

What is the essence of contract of sale?

A contract of sale is an agreement between a seller and a buyer. The seller agrees to deliver or sell something to a buyer for a set price that the buyer has agreed to pay. With these contracts, the transfer of ownership happens when the buyer pays and the seller delivers.

What is a suspensive condition?

What is warranty against eviction?

What is recto law?

Is sale of future inheritance valid?

No. 165300, April 23, 2010, the Supreme Court said that entering into a contract waiving a future inheritance is not allowed by law.

What are the 4 phases of selling?

There are four Steps in the sales process: 1) Greet, 2) Qualify, 3) Present, 4) Close.

What are two types of offer?

There are two types of offer: general offer and specific offer. A general offer is made to a group of people, while a specific offer is specifically made to one person. In order for an offer to be considered valid, it must meet the following requirements: Must be communicated.