Article 1458: Definition of a Contract of Sale

Article 1458. By the contract of sale one of the contracting parties obligates himself to transfer the ownership and to deliver a determinate thing, and the other to pay therefor a price certain in money or its equivalent. 

A contract of sale may be absolute or conditional. 


Definition 

A contract of sale is a contract where one party obligates himself to deliver a determinate thing to another part, who in turn, obligates himself to the other to pay a sum of money or its equivalent.


Essential Requisites 

The contract of sale, being a contract, has the same requisites, namely, consent, object, and cause.

1. Consent - Also called meeting of the minds. mutual agreement, or consensus ad idem. It essentially refers to a situation where the two parties of the contract has a mutual understanding in the formation of the contract of sale. This essentially means that there is consent in the part of the seller to transfer ownership of the determinate thing and in the part of the buyer to pay the equivalent price.

Note that both of the parties must have the legal capacity to give their consent.

2. Object - This is the subject matter of the contract. It must be determinate or capable of being determinate.

3. Cause - This refers the the price, in terms of money or its equivalent.


Kinds of Contract of Sale 

1. Absolute - This refers to a contract of sale that is not subject to any condition or does not require any condition for the transfer of ownership.

2. Conditional - This refers to a contract of sale that contemplates contingency, or is subject to a condition. It follows then that the delivery of the determinate thing does not necessarily transfer ownership, unless the contingency or condition is fulfilled.


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