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Law On Sales Reviewer

This document summarizes key aspects of contract of sale based on Articles 1458-1637 of Philippine law. It defines a contract of sale as an agreement where the seller obligates to deliver an item to the buyer in exchange for a sum of money or price. There are essential requisites for a valid contract of sale including consent, a determinate object or subject matter, and a certain price. The document outlines characteristics like being consensual, bilateral, onerous, and commutative. It also discusses different types of contracts of sale like absolute and conditional sales.

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Nath Bongalon
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317 views1 page

Law On Sales Reviewer

This document summarizes key aspects of contract of sale based on Articles 1458-1637 of Philippine law. It defines a contract of sale as an agreement where the seller obligates to deliver an item to the buyer in exchange for a sum of money or price. There are essential requisites for a valid contract of sale including consent, a determinate object or subject matter, and a certain price. The document outlines characteristics like being consensual, bilateral, onerous, and commutative. It also discusses different types of contracts of sale like absolute and conditional sales.

Uploaded by

Nath Bongalon
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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ART.

1458
Contract of Sale – is a contract whereby one of the parties (seller or vender
obligates himself to deliver something to the other (buyer or purchaser or vendee)
who, on his part, binds himself to pay therefor a sum certain of money or its
equivalent (price).

ART. 1459
CHARACTERISTICS OF CONTRACT OF SALE REQUISITES CONCERNING OBJECT
(1) Consensual – because it is perfected by mere consent (1) Things – (a) determinate ; (b) licit or lawful ; and should (c) not be impossible. In
(2) Bilateral – both contracting parties are bound to fulfill obligations reciprocally other words, within the commerce of men.
towards each other. What happens if the subject matter is illicit?
(3) Onerous – the thing sold is conveyed in consideration of the price vice versa - The contract is void and cannot, therefore, be ratified.
(4) Commutative – the thing sold is considered the equivalent of the price paid vice (2) Rights – all rights which are not intransmissbile or personal may also be the
versa. However, the contract may be aleatory as in the case of a hope, ex. object of sale (Art. 1437), like the right of usufruct (Art. 572), the right of
Sweepstakes ticket; conventional redemption (Art. 1601), etc.
Aleatory Contract (Art. 2010) – one of the contracting parties or both reciprocally
bind themselves to give or to do something in consideration of what the other shall KINDS OF ILLICIT THINGS
give or do upon the happening of an event which is uncertain, or which is to occur a. Illicit per se – of its nature
at an indeterminate time. Example: decayed food unit for consumption
(5) Nominate – it has a special name or designation in the Civil Code, namely “Sale” b. Illicit per accidens – because of some provisions of law declaring it illegal
Example: prohibited lottery tickets, prohibited drugs
(6) Principal – it does not depend for its existence and validity upon another contract,
unlike guaranty, pledge, and mortgage

ESSENTIAL REQUISITES OF A CONTRACT OF SALE


Every contract of sale has the following requisites or elements:
(1) Consent or meeting of minds
(2) Object or subject matter – must be determinate of capable of being determinate
(3) Cause or consideration – price certain in money

above requisites or elements are to be distinguished from:

NATURAL ELEMENTS ACCIDENTAL ELEMENTS


those that are deemed to exist in a those which may be present or absent
contract, in the absence of any contrary depending on the stipulation of the
stipulations like warranty against parties like conditions interest, penalty,
eviction (Art. 1548) or hidden defects (Art. time or place of payment, etc.
1561)

2 KINDS OF CONTRACT OF SALE


(1) Absolute – the sale is not subject of any condition and the title or ownership
passes to the buyer upon delivery of the thing sold; or
(2) Conditional – the sale contemplates a contingency (Art. 1461, 1462, par. 2; Art.
1465), and in general where the contract is subject to certain conditions (see Art.
1503, par. 1), usually the full payment of the purchase price. (Art. 1478) the delivery
of the thing sold does not transfer ownership until fulfillment of the conditions.

(Articles 1458 – 1637) Law on Sales |1

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