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SALESSALESQ: What is a sale?A:Sale is a contract where one party (seller)obligates himself to transfer the ownership of andto deliver a determinate thing, while the otherparty (buyer) obligates himself to pay for saidthing a price certain in money or its equivalent.(Tolentino, p.1, 2000 ed.)UN I V E R S I T Y O FSA N T OTO M A SFacultaddeDerechoCivilACADEMICSCHAIR:LESTERJAYALANE. FLORESIIVICECHAIRSFORACADEMICS:KARENJOYG. SABUGO& JOHNHENRYC. MENDOZAVICECHAIR FORADMINISTRATION ANDFINANCE: JEANELLEC. LEEVICECHAIRS FORLAYOUTANDDESIGN:EARLLOUIEM. MASACAYAN& THEENAC. MARTINEZI. INTRODUCTIONA. DEFINITION OF THE CONTRACT OF SALEQ: What is a contract of sale?A:By the contract of sale, one of the contractingpartiesobligateshimselftotransfertheownership of and to deliver a determinate thing,and the other to pay therefor a price certain inmoney or its equivalent.(Art. 1458, NCC)KINDS OF SALESQ: What are the different kinds of sales?A:As to:1.Nature of the subject matter:a.Sale of real property;b.Sale of personal property2.Value of the things exchanged:a.Commutative sale;b.Aleatory sale3.Whethertheobjectistangibleorintangible:a.Saleofproperty(tangibleorcorporeal);Note:A tangible object is also calledchose in possessionb.Sale of a right (assignment of aright,oracreditorotherintangiblessuchascopyright,trademark, or good will);Note:An intangible object isachose in action.4.Validity or defect of the transaction:a.Validb.Rescissiblec.Voidabled.Unenforceablee.Void5.Legality of the object:a.Licit objectb.Illicit object6.Presence or absence of conditions:a.Absoluteb.Conditional7.Wholesale or retail:a.Wholesaleb.Retail8.Proximate inducement for the sale:a.Sale by descriptionb.Sale by samplec.Sale by description and sample9.When the price is tendered:a.Cash saleb.Sale on installment planAS TO PRESENCEOR ABSENCE OF CONDITIONABSOLUTE SALEQ: When is a sale absolute?A:The sale is absolute where the sale is notsubject to any condition whatsoever and wherethe title passes to the buyer upon delivery of thething sold. (De Leon, p. 15)Q: When is a deed of sale considered absolute innature?A:A deed of sale is considered absolute in naturewhere there is neither a stipulation in the deedthat title to the property sold is reserved in theseller until the full payment of the price, nor onegiving the vendor the right to unilaterally resolvethe contract the moment the buyer fails to paywithin a fixed period.CONDITIONAL SALEQ: When is a sale conditional?A:It is conditional where the sale contemplates acontingency, and in general, where the contract issubject to certain conditions, usually in the caseof the vendee, the full payment of the agreedpurchase price and in the case of the vendor, thefulfillment of certain warranties. (De Leon, p. 15)