Law on Sales Flashcards
Art. 1458 By the contract of sale one of the contracting parties obligates himself to _________________ and to _____________, and the other to pay therefor a ________ in money or ________.
A contract of sale may be _______ or ________.
transfer the ownership; deliver a determinate thing; price certain; its equivalent
absolute; conditional
What is the essence of the sale?
The agreement to transfer title for a price paid or promised, not a mere physical transfer of the property.
What are the characteristics of a contract of sale?
- Consensual
- Bilateral
- Onerous
- Commutative
- Aleatory
- Nominate
- Principal
Explain the consensual characteristic of a contract of sale.
It means the contract is perfected by means of consent.
Explain the bilateral characteristic of a contract of sale.
Both are bound to fulfill reciprocating obligations.
Explain the onerous characteristic of a contract of sale.
The thing sold is conveyed in consideration of the price and vice versa.
Explain the commutative characteristic of a contract of sale.
The thing sold is considered the equivalent of the price and vice versa.
Explain the aleatory characteristic of a contract of sale.
In a sale of hope, contracting parties bind themselves to give or to do something in consideration of what the other shall give or do upon the happening of an uncertain future condition.
Explain the nominate characteristic of a contract of sale.
The contract is given a special name or designation in the Civil Code.
Explain the principal characteristic of a contract of sale.
The contract does not depend upon another contract for its existence and validity.
What are the essential requisites of a contract of sale?
- Consent or meeting of minds
- Object or subjet matter
- Cause or consideration
