Legal Questions

What are the characterisitcs of a contract of sale?

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1. Consensual – contract is by mere consent. There is meeting of minds.

2. Bilateral Reciprocal – both parties are bound by obligations.

3. Onerous – Valuable considerations must be given in order to acquire rights.

4. Commutative – Values exchanged are almost equivalent to each other; not aleatory.

5. Principal – No need for it to depend on the existence of another contract; not accessory.

6. Nominate – the law specifically designates it a name, that is, Contract of Sale

7. It is a title and not a mode of acquiring ownership. It merely gives rise to an obligation to transfer ownership.

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