Master the Art of Sale

True or false: The contract of sale involves one party transferring ownership and delivering a specific item, while the other party pays a definite price in money or its equivalent.

True or false: The subject matter of a sale must be specifically designated and physically separated.

True or false: Consent, object, and consideration are the essential elements of a contract of sale.

True or false: Negotiation is the first stage in the life of a sale, where prospective parties express their interest in the contract.

True or false: Consummation is the final stage in the life of a sale, representing the fulfillment of the contract.

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.

Test your knowledge on the subject matter of sale with this quiz. Learn about the requirements for a determinate thing in a contract of sale and understand the difference between absolute and conditional sales.