Law on Sales

Contract of Sale
is an agreement whereby one of the parties obligates himself
to deliver something to the other who, on his part, binds himself
to pay therefore for a sum of money or its equivalent. (Art. 1458
of the New Civil Code/NCC)
Elements of a Contract of Sale
• Essential Elements
 without these, a contract will not form

CONSENT – agreed by both parties

SUBJECT MATTER – should be a determinate thing (particularly designated on
a same class. Cannot be substitute by another)
PRICE in money or its equivalent
• Natural Elements
Inherent in a contract of sale

Warranty against Eviction

Warranty against hidden defects

• Accidental Elements
Refers to particular stipulation of the parties such as terms, place and
payment date and others.