Contract of sale is an agreement whereby one of the

parties, OBLIGATES himself to DELIVER something to

the OTHER (buyer or purchaser) who, on his part, BINDS
HIMSELF to pay therefor a sum of money or its
EQUIVALENT
NOTES: Delivery and payment in a
contract of sale are so interrelated and
intertwined with each other that without
delivery of the goods there is no
corresponding obligation to pay.
The contract of sale is consensual; it is perfected at
the moment there is a meeting of minds upon the
thing which is object of the contract and upon the
price.
CONTRACT- Agreement on the declatarion of a
common will

ESSENTIAL REQUISITES OF A CONTRACT OF

SALE.
1)CONSENT or MEETING OF THE MINDS-
under the general contract llaw, consent is manifested by the
meeting of the offer and the acceptance upon the thing and the
cause which are to constitute the contract.
IN contract of sale, This refers to the CONSENT on the PART
of the SELLER or VENDOR to TRANSFER OWNERSHIP of,
 and DELIVER, A determinate thing, and CONSENT on the part
of The buyer or vendee to pay the price.
2. OBJECT OR SUBJECT MATTER
This refers to the determinate thing which is the object of the
contract.
B. The subject matter of the sale may be present or future
property

The subject matter of the sale must be licit and must be within the
commerce of man. A CONTARCT WHOSE OBJECT IS
OTUSIDE THE COMMERCE OF MAN IS VOID.
3. CAUSE OR CONSIDERATION.
This refers to the “price certain in money or its equivalent” such as
check or a promissory note, which is the consideration for the
thing sold.
PRICE- means the cost at which something is obtained, or
something which one ordinarily accepts voluntarily in exchange
for something else, or the consideration given for the purpose of a
thing
Purchase price must be real, certain and pecuniary
Price must be real, not fictitious; otherwise, the sale is void.
When the price is uncertain and cannot be determined in
accordance with the rules laid.
The price is pecuniary as it consists of, or is measure in money.
STAGES OF A CONTRACT OF SALE
Negotiation, Covering the period from the time the prospective
contracting parties indicate interest in the contract to the time the
contract is perfected.
Perfection, Which takes lpace upon the concurrence of the
essential elements of the sale which are the meeting of the minds
of the parties as to the object of the contract and upon the price;
Consumatmation, Which begins when the parties perform their
respective undertakings under the contract of sale, culminating in
the extinguishment thereof.
CHARACTERISTICS OF SALE
1 Nominate, because it is given a special name or designation in
the civil code and PRINCIPAL because it does not depend for its
existence and validity upon another contract
CONSENSUAL because a contract is perfected at the moment
there is a meeting of minds upon the thing which is the object of
the contract and upon the price
BILATERAL because both the contracting parties are BOUND to
fulfill correlative obligations towards each other, ( THE SELLE, To
deliver and transfer ownership
ONEROUS because the thing sold is conveyed in consideration
of the price and vice versa
COMMUTATIVE because the thing sold is considered the
equivalent of the price paid and vice versa.

ART 1459, The thing must be licit and the vendor must have a
right to transfer the ownership thereof at the time it is delivered

REQUISITES CONVERNING OBJECT.

Services may be the object of a contract, THEY CANNOT BE
THE OBJECT OF A CONTARCT OF SALE.
(1) Things aside from being (a) determinate, the law requires
that the subject matter must be (b) licit or lawful that is, it
should not be contrary to law, morals, good customs,
public order, or public policy (c) and should not be
impossible. ( MUST BE WITHIN THE COMMERCE OF
MEN)
(2) SELLER must be owner or authorized by owner of thing
sold or must at least must be authorized by the owner of
the thing sold. BASED ON THE PRINCIPLE NEMO DAT
QUOD NON HABET or One cannot transmit or dispose
of that which does not belong to him
(3) RIGHT MUST EXIST AT TTIME OF DELIVERY

ART. 1460 A thing is determinate when it is particularly

designated or physically segregated from all others of the
same class
This requisite that the object of a contract of sale must be
determinate is in accordance with the general rule that the
object of every contract must be determinate as to its kind and
that tere be an object certain which is the subject matter of the
contract
A DETERMINATE thing is identified by its INDIVIDUALITY