Sales

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Sales, agency, loan and deposit are contracts that have specific purposes and goals. Credit Transactions contracts are further divided into:

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a.     Loan.

b.     Deposit.

​c.     Guaranty.

d.     Pledge.

e.     Mortgage.

f.     Antichresis.

Nature and Form of the Contract

Article 1458. By the contract of sale one of the contracting parties obligates himself to transfer the ownership and to deliver a determinate thing, and the other to pay therefor a price certain in money or its equivalent.

A contract of sale may be absolute or conditional. (1445a)

Teacher talk:

Characteristics of a Contract of Sale:

1.      Consensual. Perfected by mere consent.

2.      Bilateral. Both the contracting parties are bound to fulfil obligations to each other.

3.      Onerous. The thing sold is conveyed in consideration of a price and vice versa.

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​4. Often Commutative at times Aleatory. The thing sold is equivalent of the price paid.

5.      Nominate. There is a special  name or designation in the Civil Code.