Professional Documents
Culture Documents
Chapter 1
Chapter 1
A contract wherein the seller or vendor obligates himself to deliver something to the buyer,
purchaser, or vendee who, on his part binds himself to pay therefor a price which is a sum of
money or its equivalent
Natural Elements
Deemed to exist in certain contracts in the absence of contrary stipulations
a. Warranty against eviction
b. Hidden Defects
Accidental Elements
May be present or absent depending on the stipulation of the parties
a. Conditions
b. Interest
c. Penalty
d. Time or place of payment
Note: Object of contract must be within the commerce of men. Things outside the commerce of
man include those of public ownership and those common to everybody
On sale of rights
- All rights which are not intransmissible or personal may be the object of sale
o Example of rights which may be object of sale
right of usufruct
right of conventional redemption
o Example of rights intransmissible by law
right to vote
right to public office
marital and parental rights
o Example of rights personal in character
right to be a partner in a partnership
right to act as an agent of another
Fungible Goods
goods where any unit is treated as the equivalent of any other unit, individual units are essentially
interchangeable and each part is indistinguishable from another part
Resolutory condition
an uncertain event upon the happening of which the obligation (or right) subject to it is
extinguished. Once the resolutory condition happens, seller cannot transfer ownership.