Sale is a contract whereby one of the contracting parties (known as the seller or vendor) obligates himself to transfer the ownership of and deliver the determinate thing and the other party (known as the buyer or vendee), obligates himself to pay therefore a price certain in money or it’s equivalent.
Elements of Contract of Sale
- Consent of Contracting Parties.
- Subject Matter which should be determinate thing.
- Price certain in money or it’s equivalent.
- Warranty Against Eviction.
- Warranty Against Hidden Defects.
Accidental Elements – refer to particular stipulations, terms and conditions, and time of payment and conditions agreed upon.
Characteristics of Contract of Sale
- Consensual – mere consent.
- Onerous – valuable consideration.
- Commutative – parties exchange, almost equivalent in values.
- Nominate – special name given by law.