Sales - SALES SALE a contract whereby one of the...

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SALES SALE – a contract whereby one of the contracting parties, obligates himself to transfer the ownership of and to deliver a determinate thing, and the other party, obligates himself to pay therefor a price certain in money or its equivalent. *ELEMENTS OF A CONTRACT OF SALE : (E-N-A) 1. Essential – those without which a contract of sale would not exist. (C-O-C) a. Consent of the contracting parties b. Subject matter which should be a determinate thing c. Price certain in money or its equivalent 2. Natural – inherent in a contract of sale, which in the absence of stipulation excluding them, are deemed to exist a. Warranty against eviction b. Warranty against hidden defects and encumbrances 3. Accidental – refer to particular stipulations of the parties such as terms, place and time of payment, and other conditions agreed upon. *CHARACTERISTICS OF A CONTRACT OF SALE: (C-B-P-C-O-N) Note: Please refer to Classifications of contracts (pp. 162-165) 1. Consensual – perfected by mere consent of the parties 2. Bilateral – parties are bound by reciprocal obligations
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