Art. 1458 Sales

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

  1. Consent of Contracting Parties.
  2. Subject Matter which should be determinate thing.
  3. Price certain in money or it’s equivalent.

Natural Elements

  1. Warranty Against Eviction.
  2. 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

  1. Consensual – mere consent.
  2. Onerous – valuable consideration.
  3. Commutative – parties exchange, almost equivalent in values.
  4. Nominate – special name given by law.

sales

Advertisements

About PAM Academy Founder

Newbie Mentor and one of the influential author in the Philippines setting. His also the founder of PAM Academy and Developer of PAM PSE TRACKER application.
This entry was posted in Business Law and tagged , , , . Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s