Contract of Sale

Definition: The contract of sale is an agreement whereby one of

contracting parties obligates himself to transfer the ownership of and
deliver a determinate thing to the other who, on his part, binds himself
to pay therefore for a sum of money or its equivalent.

Characteristics:

1) Consensual - in order to be perfected, it requires no other things

other than mere consent and meeting of minds upon the thing to
be object of the contract and the price of such thing.
2) Bilateral - gives rise to reciprocal obligations for both parties: the
obligation of the seller to deliver and transfer ownership of the
thing sold and the obligation of the buyer to pay the price.
3) Onerous - one party performs his obligation with the expectation
that the other party will perform his obligation in return. Therefore
the thing sold is delivered in consideration of the price paid and
vice versa.
4) Commutative - the thing sold is considered the equivalent of the
price sold; except in the case of aleatory contract such as the sale
of hope.
5) Nominate - it is designated in the Civil Code with the special name
“Sale”.
6) Principal - its existence and validity do not depend upon any other
contract.