sales contract elements

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Last updated 3:58 PM on 5/4/26

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1

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Consensual

perfected by consent alone

2

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Bilateral

Both parties have reciprocal obligations

3

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Onerous

The good is conveyed in exchange of the price (something for something)

4

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Commutative

The good and the price are considered equivalent

5

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Nominate

Has specific legal designation

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Principal

Validity doesn’t depend on other contracts