ACC 312 Assignment #1

1) What is sale under the Civil Code?

By the contract of sale one of the contracting parties obligates himself to transfer
the ownership and to deliver a determinate thing, and the other to pay therefore a price
certain in money or its equivalent. (Article 1458)
2) What are the characteristics of Sale?
 Consensual- perfected by mere consent
 Bilateral- both parties are bound to fulfill obligations towards each other
 Onerous- thing sold is conveyed in consideration of the price, vice versa
 Commutative- thing sold is considered the equivalent of the price paid, vice
versa
 Nominate- given a special name or designation in the Civil Code, namely,
“sale”
 Principal- does not depend for its existence and validity upon another
contract
3) What are the essential requisites of Sale?
 Consent or meeting of the minds- consent on the part of the seller to
transfer and deliver and on the part of the buyer to pay
 Object or subject matter- determinate thing which is the object of the
contract
 Cause or consideration- price certain in money or its equivalent