Master the Art of Sale

Key Elements and Stages of a Contract of Sale

• Contract of sale involves one party transferring ownership and delivering a specific item, while the other party pays a specific price.
• The subject matter of the sale must be determinate, meaning it must be specifically designated and physically segregated.
• The essential elements of a contract of sale include consent to transfer ownership, a specific object, and a price certain in money or its equivalent.
• The stages of a contract of sale include negotiation, where the parties express their interest, perfection, where they agree on the essential elements, and consummation, where the contract is fulfilled.
• Negotiation is the preparatory stage of a contract of sale and ends when the parties reach an agreement.
• Perfection is the moment when the essential elements of the contract are agreed upon.
• Consummation is the final stage of a contract of sale, where the contract is fulfilled.
• The contract of sale can be absolute or conditional.
• The price in a contract of sale can be paid in money or its equivalent, which may include checks or other negotiable instruments.
• The subject matter of the sale must be particularly designated and physically segregated.
• The contract of sale is governed by Article 1458 and Article 1460 of the law.
• The contract of sale involves the transfer of ownership and delivery of a specific item in exchange for a specific price.