10 Questions
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?
The characteristics are bilateral, commutative, consensual, nominate, and onerous.
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?
It means that the contract is perfected by mere consent.
How does the New Civil Code define a contract of sale as onerous?
It defines it as a contract where the parties give valuable considerations in order to acquire rights.
What are the essential elements of a contract of sale?
The essential elements are consent, object, and cause.
What are the characteristics of a contract of sale?
The characteristics are bilateral, commutative, consensual, nominate, and onerous.
How is a contract of sale bilateral?
It is bilateral because the parties are bound by reciprocal obligations.
What does it mean for a contract of sale to be consensual?
It means that it is perfected by mere consent.
What is the object of a contract of sale?
The object is the determinate thing to be delivered.
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
Test your knowledge of the essential elements of the law on sales with this quiz. Explore concepts such as consent, object, and price as defined in Article 1458 of the New Civil Code.
Make Your Own Quizzes and Flashcards
Convert your notes into interactive study material.
Get started for free
