Law On Sales
Law On Sales
Consent
LAW ON SALES b. Determinate subject matter
SALES - is a contract where one party c. Consideration
(seller) obligates himself to transfer the REQUISITES OF A PROPER
ownership of and to deliver a determinate OBJECT OF SALE
thing, while the other party (buyer)
obligates himself to pay for said thing a 1. Determinate or determinable
price certain in money or its equivalent. 2. Lawful (licit)
3. Should not be impossible (commerce
CONTRACT OF SALE - one of the of men)
contracting parties obligates himself to 2. Rights (Must be transmissible)
transfer the ownership of and to deliver a
determinate thing, and the other to pay
therefor a price certain in money or its “GR: No form is required. It is a
equivalent. (Art. 1458, NCC) consensual contract.
XPN: Under Statute of Frauds, the
ABSOLUTE SALE - where the sale is following contracts must be in writing;
not subject to any condition whatsoever otherwise, they shall be unenforceable:”
and where the title passes to the buyer
upon delivery of the thing sold. STAGES:
1. Negotiation/ Policitation
2. Perfection
CONDITIONAL SALE - where the sale
3. Consummation
contemplates a contingency, and in
general, where the contract is subject to
NEGOTIATION - is an unaccepted
certain conditions, usually in the case of
unilateral promise to buy or sell. This
the vendee, the full payment of the agreed
produces no judicial effect and creates no
purchase price and in the case of the
legal bond. This is a mere offer, and has
vendor, the fulfillment of certain
not yet been converted into a contract. It
warranties. (De Leon, p. 15)
covers the period from the time the
prospective contracting parties indicate
CONTRACT TO SELL - is one form of interest in the contract to the time the
conditional sale where ownership or title contract is perfected.
is retained by the seller until the
fulfillment of a positive suspensive PERFECTION - at the moment there is
condition, normally the payment of the meeting of minds upon the thing which is
purchase price by the buyer in the manner the object of the contract and upon the
agreed upon. price.