Summary

Contract of Sale

Seller transfers the ownership f the property to buyer, and the buyer agrees to pay to the seller for a price.

Elements:

• Mutual obligation
• No form - except sale of immovable properties (Section 456)
• The purpose is to transfer ownership
• Property = Subject of the contract

Elements of Contract

• ≤ 2 parties (with mutual agreement)
• Contractual capacity (have the lawfully legal to form the contract): sui juris and competent
• purpose of the contract (promises to perform not lawfully required or otherwise)

Informal Contract

• No legally defined from and formed simply by a meeting of the mind

Formal Contract

• Contract of Immovable property is required a written contract