Sales
SALES
Chapter 1
Nature and From of The Contract
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Art. 1458: By the contract of sale one of the contracting parties obliges himself to transfer the ownership of and to deliver a determinate thing, and the other to pay therefore a price certain in money or its equivalent.
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A contract of sale may be absolute or conditional.
COMMENT: 1) SALE is a contract where one party obligates himself to transfer the ownership of a determinate thing, while the other party obligates himself to pay for said thing a price certain in money or its equivalent. 2) Roman law – avenditio
French/ Spanish – venta
Definition was taken under Art. 1445 of the Spanish Civil Code wherein the only difference is that the seller need not to be the owner of the determinate thing or the thing which is due. 3) Essential Characteristics of the Contract of Sale: a) Consensual – contract is perfected by mere consent. b) Bilateral Reciprocal- bound by the obligations dependent upon each other. c) Onerous- to acquire rights, valuable consideration must be given. d) Commutative- values exchanged are almost equivalent to each other. e) Principal- for a contract of sale to validly exist, it is not necessary for it to depend on another contract. f) Nominate- the Code refers to it by a special designation or name. 4) Elements of the Contract of Sale: a) Essential (w/o w/c there can be no valid sale): 1) Consent or meeting of the minds 2) Determinate subject matter 3) Price certain in money or its equivalent
e.g. Aguinaldo v. Esteban Leabres v. CA b) Natural (w/c are inherent in the contract): 1) Warranty against (deprivation of the property bought) 2) Warranty against hidden defects c) Accidental (w/c may be present or absent in the stipulation e.g. place, time, or
Chapter 1
Nature and From of The Contract
-------------------------------------------------
Art. 1458: By the contract of sale one of the contracting parties obliges himself to transfer the ownership of and to deliver a determinate thing, and the other to pay therefore a price certain in money or its equivalent.
-------------------------------------------------
-------------------------------------------------
A contract of sale may be absolute or conditional.
COMMENT: 1) SALE is a contract where one party obligates himself to transfer the ownership of a determinate thing, while the other party obligates himself to pay for said thing a price certain in money or its equivalent. 2) Roman law – avenditio
French/ Spanish – venta
Definition was taken under Art. 1445 of the Spanish Civil Code wherein the only difference is that the seller need not to be the owner of the determinate thing or the thing which is due. 3) Essential Characteristics of the Contract of Sale: a) Consensual – contract is perfected by mere consent. b) Bilateral Reciprocal- bound by the obligations dependent upon each other. c) Onerous- to acquire rights, valuable consideration must be given. d) Commutative- values exchanged are almost equivalent to each other. e) Principal- for a contract of sale to validly exist, it is not necessary for it to depend on another contract. f) Nominate- the Code refers to it by a special designation or name. 4) Elements of the Contract of Sale: a) Essential (w/o w/c there can be no valid sale): 1) Consent or meeting of the minds 2) Determinate subject matter 3) Price certain in money or its equivalent
e.g. Aguinaldo v. Esteban Leabres v. CA b) Natural (w/c are inherent in the contract): 1) Warranty against (deprivation of the property bought) 2) Warranty against hidden defects c) Accidental (w/c may be present or absent in the stipulation e.g. place, time, or