It also covers the law on agency; its nature, form, and kinds; obligations of the agent and of the principal; and modes of extinguishments

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Course Name: XMERCANLO

Course Title: Sales, Agency And Other Mercantile Laws

Instructors: Akia, Cayabyab, De Guzman, Panaligan, Perico, Reyes and Umadhay

Required Text: The Law on Sales, Agency, Pledge and Mortgages, Latest edition, De Leon, Hector S

Course Description: This course deals with the law on sales covering contracts for the sale of goods including nature, forms, and requisites,

distinguished from dacion en pago, cession in payment, contract for a piece of work, and barter; earnest money as distinguished from option money; rights/obligations of vendee and vendor;

remedies of unpaid seller; warranties; sale with a right to

repurchase or conventional redemption and legal redemption; sale on credit; and installment sales (personal property – Recto law, real property – Maceda law). It also covers the law on agency; its nature, form, and kinds; obligations of the agent and of the principal; and modes of extinguishments. It focuses on the legal formalities and requisites of a valid contract of sale, agency and Real Estate Mortgage and Chattel Mortgage and the obligations, liabilities and warranties of the parties in a contract, including the concept of Recto Law and Maceda Law. At the end of the course the students are expected have a better understanding on the contract of sales, agency and mortgage its concepts and requisites and pertinent provisions of the Labor Code and the law on credit transactions such as loan, deposit, guarantee, pledge, real mortgage, antichresis, and chattel mortgage, relevant laws on commerce and trade such Omnibus Investment Code, Foreign Investments Act, and Retail Trade Liberalization Law.

Topic Outline: Estimated No of Hours

1. Contract of Sales 17.00

 Nature, characteristics and kinds of sale

 Elements, forms, requisites and perfection of a contract of sale

 Implied and specified terms

 Distinguished from

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 Earnest money as distinguished from option money

 The seller – his rights and obligations

 The buyer – his rights and obligations

 Remedies of unpaid seller

 Warranties (in relation to consumer laws)

 Sale with a right to repurchase or conventional redemption, legal redemption

 Sale on credit

 Installment sales

 Transfer of the possession of property

 Performance

 Remedies

2. Contract of Agency, Pledge and Mortgage 17.00

 Contract of agency

 Pledge

 Mortgage

 Nature, forms and requisites

 Obligation; agent; principal;

 Guarantee of commission agent

 Modes of Extinguishing an agency

 Obligation/rights of pledgor and pledge

 Pactum commissorium

 Modes of extinguishment of pledge

 Nature/requisites of real and chattel mortgage

 Rights/obligations of mortgagor and mortgagee

 Binding effect on third person, requisite

 Modes of extinguishment of mortgage

3. Law on credit Transactions or bailment 8.00

 Loan

 Deposit

 Guaranty

 Pledge

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 Mortgage (real and chattel)

4. Other laws/legal issues 9.00

 Omnibus Investment Code

 Foreign Investments Act

 Retail Trade Liberalization Law

 Product liability

 Intellectual property

 Third party rights

 Personal property

Total Sessions Express As Contact Hours 54

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Recap

Identification of CPC Topics Covered in this Course Estimated Contact Hours

Accounting 4

Marketing 1

Finance 7

Management 6

Organizational Behavior 5

Human Resource Management 1

Operations Management 1

Legal Environment of Business 45

Economics 1

Ethics 2

Information System 1

Quantitative Methods/ Statistics 1

International/ Global Dimensions of Business 2

Integrative Experience 3

Total Estimated Contact Hours 80