Law 2 and 4 Definition of Terms

It exists in those cases in which a person, without negligence, has signed an instrument which was in fact, a negotiable instrument, but was deceived as to the character of the instrument and without knowledge of it

An alteration made by a stranger to the instrument

A separate paper attached to a negotiable instrument where an indorsement or the acceptance of a bill of exchne is written

The authority for confession of jugment before the action is begun

Any consideration sufficient to support a simple contract

The counterfeit making or fraudulent alteration of any writing, and may consist in the signing of another's name, or the alteration of an instrument in the name, amount, description of the person and the like, with the intent to defraud

Includes not only a promise to pay on the part of the maker but also grants permission to the payee to take jugment against the maker without trial if the maker fails to pay on maturity date

The act of appointing another as one's agent or attorney and which operates as notice that an agent has a limited authority to sign

The provision in a negotiable instrument which states that the whole amount on the instrument shall become ue in cae of default in the payment of an installment or of of interest

Literally, "his pleading beng abandoned": it refers to a confession of judgment accompanied by withdrawal or defense

The party who executes the written promise to pay

The payee or indorsee of a bill or note who is in possession of the instrument, or the bearer thereof

A personal defense where party is deceived into signing for a larger amount than he intendedm or on different terms in a negotiable instrument

The act of informing the drawer and each indorser that an instrument has not be been accepte by the drawee, or that it has not been paid by the acceptor, in the case of bill exchange, or by the maker, in the case of promissory note

An unconditional promise in writing made by one person to another, signed by the maker, engaging to pay on demander at a fixed or determinable furture time, a sum certain in money, to order or to bearer

The difference in value of the same amount of money n different countries

A holder who takes the instrument free from defect or title of prior parties and free from personal defenses available to prior prties among themselves

The person who executes the written order to pay a bill of exchange

A bill exchange drawn on a bank which is payable on demand

Literally, "he has confessed action : it refers to a written cofession of defendant acknowledging indebtedness to paintiff after action has been file

An indorsement that constitutes the indorser a mere assignor of the title the instrument

The transfer of a negotiable instrument from one person to another in such a manner as to constitute the transferee the holder theorof

An unconditional order in writing addresse by one person to another, signed by the person giving it, requiring the person to whom it is addressed, to pay on demand or at a fixed or determinable future time, a sum certain in money to order or bearer

It takes place when an instrument or presented for payment but payment is refused or cannot be obtained

The formal declaration drawn up and signed by notary the he presented a bill of exchange for acceptance or for payment and that it was refused

An indorsement that specifies no indorsee and makes the instrument payable to bearer

The production of the bill of exchange to the drawee for acceptance

It grows out of the agreement or the conduct of a particlar person in regard to the instrument which renders it inequitable for him, though holding legal title, to entorce it against the defendant, but which is not available against a holder in due course

One that attaches to the instrument itself and can be set up against the whole world including a holder in due curse

It takes place when a bill of echange is presented for acceptance and such acceptance is refused or cannot be obtained

A method of transferring an instrument whereby the transferee is merely placed in the position of the transferor and acquires the instrument subject to all defenses that might have been set up against the original payee

An indorsement that prohibits the further negotiation of the instrument, or constitutes the indorsee a mere agent of the indorser, or vests the title in the indorsee in trust for some other person

The production of a promissory note to the party primarily liable on the instrument for the payment of the same, or of a bill of exchange to the drawee or acceptor for payment

One who gives valuable consieration for an instrument issued or negotiated to him

The first delivery of an instrument, complete in form, to aperson who takes it as holder

The person who is given the command by the drawer to pay the payee

The person or party to whom an instrument is negotiated by the indorsement

The person who signifies his acceptance to the order of the drawer

One that has knowledge of the conditions or limitaations placed upon the delivery of the instrument or the fact that the instrument was never delivered

Dating an instrument earlier than the date of issue

An indorsement that is subject to the happening of a contingent event

Aperson who transfers a negotiable instrument by means of an indorsement

The party to whom a bill of exchange is drawn payable or in whose favor a promissory note is made payable

An indorsement that specifies the person to whom or to whose order, the instrument is to be payable

A person who, not otherwise a party to the instrument, places thereon his signature in blank before delivery

He is one who has signed the instrument as maker, drawer. indorser or acceptor, without receiving value therefor, and for the purpose of lending his name to some other person

The attribute that allows a negotiable instrument to be passed from one person to another so as to give a holder in due course the right to hold the instrument free from defect of title of prior parties and free from defences available to prior parties among themselves, and to enforce the full amount of the instrument against all parties liable thereon

Dating an instrument later than the date of issue

A bill composed of various parts, each part being numbere, and containing a reference to the other parts, all of which parts constitue but one bill

Ownership of a thing is transferred to the creditor to settle a monetary obligation.

Lacks formalities but nevertheless shows the real intention of the parties to create a specific property to secure the performance of an obligation.

They refer to interchnageable goods such as garin, oil that allow one to be replace by another without loss of value

proof of perfection of a contract of sale

includes warehouseman carrier or other person who receives thepossession or custody of the thing delivered

Even professional inspection is not sufficient to discover it

Exercised by the seller by obtaining actual possession of the goods or by giving notice to the carrier or other bailee having actual possession of the goods

It is made by thebuyer with knowledge of risk of eviction hence the seller will not have any liabiity if the buyer is evicted

ownership is transferred to buyer upon delivery but he has the option to revert such ownership to the seller

Ownership of the thing sold is retained by the seller despite delivery to the buyer, but the latter agrees to pay the price if he finds the thing satisfactory

Delivery that takes place when the buyer who was in the possession of the thing sold at the time of sale continues in possession of the same as owner

negotiated by indorsement

sale of property to the highest bidder

The party to a contract of sale who is obligated to transfer the ownership of and deliver a deterinate thing

The consideration paid for the purpose of holding one to his promise to buy or sell a determinate thing for a certain period of time, which consideration is separate and distinct from the purchase price

Applies to persons who under certain circumstances, cannot purchase certain property

The person obligated to pay the price of the thing purchased

Delivery of a movable by mere agreement of the parties if the thing cannot be transferred to the vendee at the time of sale

Negotiated by mere delivery

It is made by the buyer without knowledge of the risk of eviction

The consideration of the contract is another thing

Applies to persons who cannot bind themselves in a contract including a contract for sale

A document used as proof of the possession or control of the goods, or authorizing or purporting to authorize the possessor of the document to transfer or receive, either by indorsement or by delivery, the goods represented by such document

Right given to an adjoining owner of an urban land to purchase the same ahead of others if such land is held for speculation

Delivery through the execution of a public document

The deprivation by final judgment of the vendee of the whole or a part of the thing sold based on a right prior to the sale or an act imputable to the vendor

Refer to goods to be manufactured, raised or acquired by the seller

The sale of hope or expectancy

Includes one who has received as conditional payment for the goods a negotiable instrument but the condition has been broken by reason of the dishonor of the instrument or the insolvency of the buyer

Include everything indespensable for sustenance, dwelling, clothing medical attendance, education and transportation

The balance is payable in its entirely after the payment of an initial sum

A contract for the delivery at a certain price of an article to be manufactured specially for the customer and upon his special order and not for the general market

The sum stipulated as the equivalent of the thing sold

The right to be subrogated upon the same terms an conditions stipulated the contract, in the place of one who acquires a thing by purchase or dation in payment or by any other transactionwhereby ownership is transmitted by onerous title

Seller's undetaking that the buyer shall enjoy legal and peaceful possession of the thing sold

A stipulation in a contract of sale involving an immovable that the sale is automatically rescinded upon failure by the buyer to pay the price

Delivery of the keys of the plce where a movable is kept or sold

Contract for the storage of goods for a compensation

Buyer's remedy which involves the proportionate reduction in the price of the thing purchased

A unilateral promise to buy or sell a thing which is not accepted by the promisee

An unpaid seller's righ to retain the goods for the price while he is possession of them

Remedy of a buyer to withdraw from the sale and ask for damages

An encumbrance imposed upon an immovable for the benefit of another immovable belonging to a different owner

a person employed by the seller or auctioneer to raise the price in an auction sale

A document issued by a common carrier acknowledging the receipt of the goods and agreeing to transport and deliver them to a specified place

Right of seller to repurchase the thing sold and the exercise of which was reserved by the seller at the time of sale

Delivery which takes place when the seller continues in possession of the thing sold after the sale but as lessee depositary, or otherwise

The creditors are given the right to sell the debtor's properties and apply the proceeds to their respective claims

it has for its purpose the transfer to another person of the right to collect debt

sale of an expected thing