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What are the essential elements of a contract of sale according to the New Civil Code?
What are the essential elements of a contract of sale according to the New Civil Code?
The essential elements are consent, object, and cause.
What are the characteristics of a contract of sale as defined in the text?
What are the characteristics of a contract of sale as defined in the text?
The characteristics are bilateral, commutative, consensual, nominate, and onerous.
When is a contract of sale considered bilateral?
When is a contract of sale considered bilateral?
A contract of sale is considered bilateral when the parties are bound by their reciprocal obligations, such as the seller's obligation to deliver and transfer a determinate thing, and the buyer's obligation to pay the price.
What does it mean for a contract of sale to be consensual?
What does it mean for a contract of sale to be consensual?
How does the New Civil Code define a contract of sale as onerous?
How does the New Civil Code define a contract of sale as onerous?
What are the essential elements of a contract of sale?
What are the essential elements of a contract of sale?
What are the characteristics of a contract of sale?
What are the characteristics of a contract of sale?
How is a contract of sale bilateral?
How is a contract of sale bilateral?
What does it mean for a contract of sale to be consensual?
What does it mean for a contract of sale to be consensual?
What is the object of a contract of sale?
What is the object of a contract of sale?
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Study Notes
Contract of Sale
- A contract of sale is an agreement where one party obligates themselves to transfer ownership and deliver a determinate thing, and the other party agrees to pay a price certain in money or its equivalent.
Essential Elements
- Consent: a meeting of minds to transfer ownership in exchange for a price
- Object: the determinate thing to be delivered
- Cause: the price certain in money or its equivalent
Characteristics of a Contract of Sale
- Bilateral: the parties are bound by their reciprocal obligations (seller delivers and transfers a determinate thing, buyer pays the price)
- Commutative: the parties exchange almost equivalent values
- Consensual: it is perfected by mere consent
- Nominate: the law designates a special name to it
- Onerous: the parties give valuable considerations in order to acquire rights
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