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    The document summarizes key aspects of a contract of sale under Philippine law. It defines a contract of sale as an agreement where one party agrees to deliver a determinate item to another party in exchange for money or its equivalent. A contract of sale requires consent from both parties, a determinate object, and a price or cause. Contracts of sale can be either absolute, with no conditions, or conditional, which requires fulfillment of a contingency or condition for ownership to transfer.

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    Safari - 13 Nov 2017 at 3:16 PM

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    The document summarizes key aspects of a contract of sale under Philippine law. It defines a contract of sale as an agreement where one party agrees to deliver a determinate item to another party in exchange for money or its equivalent. A contract of sale requires consent from both parties, a determinate object, and a price or cause. Contracts of sale can be either absolute, with no conditions, or conditional, which requires fulfillment of a contingency or condition for ownership to transfer.

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    © All Rights Reserved
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    7 views1 page

    Philippine Law On Sales Review

    Uploaded by

    Reese Styles
    The document summarizes key aspects of a contract of sale under Philippine law. It defines a contract of sale as an agreement where one party agrees to deliver a determinate item to another party in exchange for money or its equivalent. A contract of sale requires consent from both parties, a determinate object, and a price or cause. Contracts of sale can be either absolute, with no conditions, or conditional, which requires fulfillment of a contingency or condition for ownership to transfer.

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    Philippine Law on
    Sales Review
    Notes on Philippine Law on Sales from the Civil
    Code for students and law enthusiasts.

    Home ▼

    Saturday, November 24, 2012

    Article 1458: Definition of a


    Contract of Sale
    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.

    Definition

    A contract of sale is a contract where one party


    obligates himself to deliver a determinate thing to
    another part, who in turn, obligates himself to the
    other to pay a sum of money or its equivalent.

    Essential Requisites

    The contract of sale, being a contract, has the


    same requisites, namely, consent, object, and
    cause.

    1. Consent - Also called meeting of the minds.


    mutual agreement, or consensus ad idem. It
    essentially refers to a situation where the two
    parties of the contract has a mutual
    understanding in the formation of the contract of
    sale. This essentially means that there is consent
    in the part of the seller to transfer ownership of
    the determinate thing and in the part of the buyer
    to pay the equivalent price.

    Note that both of the parties must have the legal


    capacity to give their consent.

    2. Object - This is the subject matter of the


    contract. It must be determinate or capable of
    being determinate.

    3. Cause - This refers the the price, in terms of


    money or its equivalent.

    Kinds of Contract of Sale

    1. Absolute - This refers to a contract of sale that


    is not subject to any condition or does not require
    any condition for the transfer of ownership.

    2. Conditional - This refers to a contract of sale


    that contemplates contingency, or is subject to a
    condition. It follows then that the delivery of the
    determinate thing does not necessarily transfer
    ownership, unless the contingency or condition is
    fulfilled.

    at Saturday, November 24, 2012

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