ROMEL ESPERA BSA 4

22. SALES
The contract of sale is an agreement whereby one of the parties (called the seller or vendor)
obligates himself to deliver something to the other (called the buyer or purchaser or vendee)
who, on his part, binds himself to pay therefor a sum of money or its equivalent (known as the
price).
Characteristics of a contract of sale.
The contract of sale is:
(1)Consensual , because it is perfected by mere consent with-out any further act;
(2)Bilateral, because both the contracting parties are bound to fulfill correlative obligations
towards each other — the seller, to deliver and transfer ownership of the thing sold and the
buyer, to pay the price;
(3)Onerous, because the thing sold is conveyed in consideration of the price and vice versa
(4)Commutative,because the thing sold is considered theequivalent of the price paid and vice
versa. However, the contract may be aleatory as in the case of the sale of a hope (e.g.,
sweepstakes ticket);
(5) Nominate, because it is given a special name or designation in the Civil Code, namely,
“sale”; and
(6) Principal, because it does not depend for its existence and validity upon another contract.