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LAW 513
AC51FB1
Concept of Contract of Sale
The contract of sales is an agreement whereby one of the parties (called the
seller or vendor) obligates himself to deliver something to the other (called
the buyer or purchaser or vendee) who, on his part, hinds himself to pay
therefore a sum of money or its equivalent (known as the price).
The transfer of title to property or the agreement to transfer title for a price
paid or promised, not mere physical transfer of the property, is the essence
of sale.
Characteristics of a Contract of Sale
1. Consensual
2. Bilateral
3. Onerous
4. Commutative
5. Aleatory
6. Nominate
7. Principal
Even a future thing not existing at the time the contract is entered into
may be the object of sale, provided it has a potential or possible
existence, that is, it is reasonably certain to come into existence as the
natural increment or usual incident of something in existence already
belonging to the seller, and the tile will vest the buyer the moment the
thing comes into existence (Art. 1461).
(b) acceptance and receipt of part of the goods (or things in action) sold
and actual receipt of the same (Art. 1585); and
(c)