The topics below may be relevant to your daily activities, especially those which involve business law, labor law, and other legal areas of your business.
Business Law and Labor Law Updates
MAY A HUSBAND BE HELD LIABLE FOR THE DEBTS OF HIS WIFE WHICH WERE INCURRED WITHOUT HIS CONSENT AND WHICH DID NOT BENEFIT THE CONJUGAL PARTNERSHIP?
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In order to bind the conjugal partnership and its properties, the law provides that the debts and obligations contracted by either spouse must be for the benefit of the conjugal partnership.
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Further, in order to bind the conjugal partnership, the other spouse must give his/ her consent to the other’s business venture.
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Debts incurred (before or during the marriage) except insofar as they benefited the family; and fines and pecuniary indemnities shall not be charged to the conjugal partnership.
WHAT IS THE EFFECT ON THE CONTRACT WHEN THE THING SOLD HAS BEEN LOST?
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The thing is lost when it perishes or goes out of commerce or disappears in such a way that its existence is unknown or it cannot be recovered.
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If at the time the contract of sale is perfected, the thing which is the object of the contract has been entirely lost, the contract shall be without any effect.
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If the thing should have been lost in part only, the vendee may choose between withdrawing from the contract and demanding the remaining part, paying its price in proportion to the total sum agreed upon.
CAN THE HUSBAND AND WIFE SELL PROPERTY TO EACH OTHER DURING THE MARRIAGE?
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Generally, the sale between husband and wife is inexistent and void from the beginning because such contract is expressly prohibited by law.
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The husband and the wife may however sell property to each other when a separation of property was agreed upon in the marriage settlements.
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The husband and the wife may sell property to each other when there has been a judicial separation of property.
WHAT IS EARNEST MONEY?
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Earnest money is considered part of the price in a contract of sale.
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Earnest money is a proof of the perfection of the contract.
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Absent proof of the concurrence of all the essential elements of a contract of sale, such as consent, object and consideration, the giving of earnest money cannot establish the existence of a perfected contract of sale.
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