Contract of Sale Overview

What does a contract of sale obligate the seller to do?

Which characteristic of a contract of sale indicates that both parties are bound to fulfill obligations towards each other?

Which of the following is NOT considered a natural element of a contract of sale?

In a contract of sale, what type of object is required?

What type of contract of sale allows ownership to pass to the buyer upon delivery without any conditions?

What is the designation given to the price in a contract of sale?

Which of the following adequately describes the cause or consideration in a contract of sale?

What is required for the consent to be valid in a contract of sale?

Nature and Form of the Contract

A contract of sale involves the transfer of ownership of a determinate thing in exchange for a certain monetary price.
Consensuality leads to perfection of the contract through mutual agreement between parties.

Characteristics of a Contract of Sale

Consensual: Contract is valid through simple consent between parties.
Bilateral: Both parties are obliged to fulfill reciprocal commitments.
Onerous: The contract is contingent upon payment of a price.
Commutative: Value of the sold item corresponds to the price paid.
Nominate: The contract is specifically termed as a sale.
Principal: Its existence is not reliant on other contracts.

Essential Requisites of a Contract of Sale

Consent: Both seller and buyer must agree on the transfer of ownership and payment of price. Legal capacity is required for both parties.
Object: The sale must concern a determinate item, or one that can be made determinate.
Cause: The price must be explicitly stated, which can include checks or promissory notes.

Natural and Accidental Elements

Natural Elements: Implied elements inherent in contracts unless specifically stated otherwise (e.g., warranty against eviction).
Accidental Elements: Elements that may be added or omitted based on mutual agreement, such as interest rates, penalties, or payment timing.

Two Kinds of Contract of Sale

Absolute Sale: Ownership transfers to buyer immediately upon delivery without any conditions.

This quiz explores the nature, characteristics, and essential requisites of a contract of sale. It covers key concepts like consensuality, bilateral obligations, and the importance of the object in a sale. Test your understanding of these fundamental legal principles.