Discover the Sales Generation Meaning in Legal Agreements with airSlate SignNow

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hi guys today we are going to discuss the law on sales and we'll talk about law on sales we talk about the contract of sales all right so in this video we will be discussing the definition of the of sales of the contract of sales the elements to a contract of sales and the characteristics of the contract of sales when the law defines contract of sales as a contract whereby one of the contracting parties obliges himself to transfer the ownership of an to the lever at the terminus thing and the other party obligates himself to pay the price certeyn or its equivalent alright so basically the definition of the contract of sale there are two parties to the contract of sales this are the seller or the vendor and the buyer or da then the the seller or the vendor obligates himself to transfer the ownership of the thing and to deliver the determinant thing and the buyer or the vendee obligates himself to pay the price so Dane in money or its equivalent okay so what are they said are the elements or contract of sale elements the contract of sale are classified into two the essential elements the contract of sale and the natural element store contract of sale when we discussed the law on contracts guys there are three kinds of elements to a contract these are essential elements natural elements and accidental elements of course the contract of sale will follow the three kinds of elements the essential since it is a contract the essential elements the natural elements and the exit are accidental elements so when you talk about essential elements on other similar or all other kinds of contracts will have the same essential elements okay so say concept object and course well the concept in the contract of sale is manifested through the offer and the part of the seller and the concept of the part of the buyer is manifested through his acceptance of the offer as to the object and as to the price we talk about the object in the contract of sale it requires that the object must be a determining thing when we talk about the turbinate thing it simply means a thing that is physically segregated or particularly designated from the rest of its class and it also needs to have the cost and the cost in the contract of sale is the price and the law on contract of sale or the course that the price must be certain okay let's go through the natural element store contrecoup sales these are warranty against eviction and warranty against hidden defects well with we distinguish the natural elements from the essential elements the essential absence of any of the essential elements will make the contract void but absence of any of the any of the natural elements will not make the contract void violation to any of the natural elements will just make the contract receivable okay what are the characteristics to the contract of sale contract of sale is concerns one when there's mythical binds between the buyer and the seller as to the object and as to the price the contract of sale is then and right there and then perfect that okay regardless of whether the object is delivered or not it delivered when there is mythical minds between the contract the buyer in the seller as to the price and as to the object of the same then the contract of sale is perfect that it's different from real contract real contracts are perfected by delivery while former contracts are perfect and by execution of certain formalities so you need to take not guys that the contract of sale is consensual not real contract not formal contract the contract of sale is also principle because it exists in itself it can stand alone it does not need any other contract for this contract to be entered into unlike preparatory contracts like the contract of agency the contract of partnership where in this contract are entered into for the agent to enter in through another con contract so you need to take note that the contract of sale is not preparatory it is principal it can stand a lot it's not also accessory because the contract of sale exists in itself it can stand the loss and accessory contract cannot exist in itself it cannot stand alone it needs any other contract just like for example the contract of mortgage contract of mortgage is an accessory contract it needs the contract of loan loan for the contract of mortgage to exist so you need to take note guys that the contract of sale is principal contract of sale is also bilateral okay it needs two parties it's not a unilateral where it is of course only one party contract of sale is on Ross because it acquires the payment of the price and the transfer of ownership so it requires an exchange of more or less of things of equal values unlike gratuitous we're in it does not require an exchange or it does not require any consideration just like the contract of the danger on contract of sale is commutative because as I've said it occurs more early less an exchange of equal values it's not aleatory just like the of insurance were in the its shape the values in exchange of is dependent of the happening of the event okay it's nominate because the low gives it a specific name low on sales or contract of sales it's not innominate wherein you nominee contracts has no name given by law so these are the basic considerations when it comes to the contract of sales guys say on the next succeeding videos for the continuation of the discussion on the contract of sales bye guys