In this case, Anne is obliged to return the horse the next day as expressly provided for in the contract. Anne is also obliged to take care of the horse until delivery and to guarantee that he has the right to sell the horse, although the contract says nothing about the obligation, as this is in accordance with good faith, customs and laws. • The signatory parties must have the authority to enter into a contract. If you have no authority, you do not bind anyone but yourself to the agreement. In most countries, the requirement of perfection arises only in respect of security rights that are of a patrimonial nature (e.g. a mortgage or a reasonable charge). Other conventions that constitute a security right in the broad sense of the term — such as retention-of-title agreements, hire purchase and financial leases, — are generally not sophisticated in the legal sense. (1) Consensual contract or one concluded by the mere consent of the parties. „It is not the payment of the price that determines the validity of a purchase contract. The payment of the price has nothing to do with the perfection of the contract. The payment of the price is part of the execution of the contract. Non-payment of consideration is different from no consideration. The former gives rise to a right to demand performance or avoidance of the obligation arising from an existing valid contract, while the latter prevents the existence of a valid contract.
Some security interests may be made possible by some kind of registration or deposit. Although the terms are used interchangeably, it is more accurate to speak of registration than of filing of information and deposit as the seat of the instrument of protection itself.  If the above decision is applied to your situation, the sales contract between you and John is amicable. The contract has been perfected from the moment there has been a meeting between the parties, and the payment of the price has nothing to do with the perfection of the contract. Non-payment of the price would give rise to a right of the injured party to demand performance or cancellation of the obligation and would not also entail the nullity of the sale. Therefore, his assertion that non-payment of the price invalidates the contract has no legal basis. (2) The actual contract or the contract that is additionally perfected by the delivery of the object of the contract. Before handing over the ring to Yanee, the pledge contract has not yet been perfected. If Xian later refuses to pledge the ring, Yanee can demand payment of the bond, even if it is with a certain delay. But Yanee can`t demand Xian deliver the ring as collateral because there is no real pledge agreement yet. There is only an amicable contract, which is a pledge.
What exists is a personal right, Yanee`s right to act, to demand the constitution of the commitment. Some security rights can only be made effective against third parties by beneficial ownership of the asset. For example, in the case of a common law pledge, the right to sell the asset depends on the possession of the asset: an agreement that leaves the debtor in possession of the pledged security does not create a workable security right.  There are three main ways in which a security right can be made effective against third parties (the applicable method of perfection depends on the type of security right and the laws of each country). Dear PAO, I have signed a purchase agreement with Jean for the purchase of his land in the amount of 500,000 pesos, half of which will be paid upon signing the contract and the other half after the transfer of land ownership. Three weeks after receiving the money, I demanded that she renounce ownership of the land, including duplicate ownership of its owner, but she has now denied the existence of the contract of sale. It also argued that the contract of sale had been concluded only after payment of the price, failing which it was invalid. Wilbur The nature of a contract of sale was defined in Selerio and Selerio v. Bancasan (GR 222442, June 23, 2020), where the Supreme Court, through Associate Judge Alfredo Benjamin S.
Caguioa, said: Their contracts must be enforceable, which is the best thing to perfect. To do this, each clause must be carefully considered to ensure that it corresponds to the particular event and can be read in court, where a judge must be able to determine what each party expected from the agreement.