SALES

DEFINITION: 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 therefor a price certain in money or its equivalent (Art.1458)

Characteristics of a Contract of Sale:

1. Purpose: of the delivery is to transfer of ownership;

2. Perfection: as a rule, is by mere consent, since there exists a contact of sale the moment the parties
“obligate” themselves;
3. Subject Matter: determinate thing.
4. Cause: onerous, since the cause or consideration of the parties is the prestation or promise of the other;
5. Bilateral Contract: since both parties have their respective obligations;
6. Nominate Contract: not only because there’s specific designation of the contract, but more so because
there are specific rules provided by law to govern the rights and obligations of the parties, after
stipulations;
7. Commutative: in the sense that there is equivalent in the prestation of the parties. Ordinarily, price
reflects the value of the property, since the seller would not normally accept a price below the value of
the property and the buyer would not normally pay an amount more than the value property.