Contract of Purchase and Sale NoStilltes

Contract of Purchase and Sale

• A reciprocal agreement where one party delivers a thing, and the other pays a price.

• A mutual contract for the transfer of possession of a thing in exchange for a price.

• Must comply with all requirements for a valid contract.

• Parties must agree on:

  • Concluding a contract of purchase and sale.

  • The thing sold (merx).

  • The purchase price.

Essential Characteristics

• Consensus: Seller and purchaser must intend to sell and buy, respectively.

• Thing (Merx):

  • Must be definite or ascertainable.

  • Can be movable/immovable, corporeal/incorporeal, future things, unless prohibited.

  • Cannot already belong to the purchaser.

  • Seller does not need to be the owner for a valid contract.

• Purchase Price:

  • Must be in money.

  • Must be definite or ascertainable (global amount, price per unit, or method to determine).

  • Can be determined by a third party, but not by the parties themselves.

  • Can be tacitly agreed upon (prevailing/standard price).

Conditional Contracts

• Subject to a condition, making the contract's existence or operation dependent on an uncertain future event.

• Conditions can be suspensive or resolutive.

Suspensive Condition

• Suspends the operation of an existing obligation until an uncertain future event occurs.

• Contractual rights and duties become operative only when the condition is fulfilled.

• If the event does not occur, the contractual obligations are terminated.

Resolutive Condition

• Operative on conclusion, but continued existence depends on an uncertain future event.

• Contract has full legal effect initially.

• If the condition is met, the contract ends, and parties revert to their original positions.

Effects of Conditions

• Suspensive: Sale is not complete until the condition is fulfilled; purchaser doesn't acquire ownership until then.

• Resolutive: Contract is complete upon agreement of thing and price; ownership passes to the purchaser immediately, subject to the future event.

A reciprocal agreement where one party delivers a thing, and the other pays a price.

A mutual contract for the transfer of possession of a thing in exchange for a price, typically involving two parties: the seller and the purchaser.

Must comply with all requirements for a valid contract, including lawful purpose, capacity, and consent.

Parties must agree on:

• Concluding a contract of purchase and sale.

• The thing sold (merx).

• The purchase price.

Essential Characteristics

1. Consensus: Seller and purchaser must intend to sell and buy, respectively, with clear mutual understanding.

2. Thing (Merx): Must be definite or ascertainable, ensuring clarity on what is being sold. This can include:

   • Movable or immovable objects.

   • Corporeal or incorporeal items.

   • Future things, unless prohibited by law.
     Note: The item cannot already belong to the purchaser, ensuring a legitimate transfer of ownership.
     The seller does not need to be the legal owner for a valid contract, provided they have authority to sell.

3. Purchase Price: Must be in money for most transactions.

   • Should be definite or ascertainable, which can include a global amount, price per unit, or a predetermined method to determine the price.

   • Price can be decided by a third party but not by the agreeing parties themselves to maintain fairness.

   • Price can also be tacitly agreed upon, generally following market standards or prevailing prices.

Conditional Contracts

These contracts are subject to a condition, making their existence or operation dependent on an uncertain future event. Conditions can be of two types:

• Suspensive Conditions: This condition suspends the operation of an existing obligation until an uncertain future event occurs. Once the condition is fulfilled, contractual rights and duties become operative. If the event does not occur, the contractual obligations are terminated, preventing transfer.

• Resolutive Conditions: This is operative at the conclusion of the agreement, but its continued existence depends on an uncertain future event. The contract achieves full legal effect initially, however, if the condition occurs, the contract ends, and parties revert to their original positions.

Effects of Conditions

• Suspensive: The sale is not complete until the condition is fulfilled; the purchaser does not acquire ownership until then, leaving them without the rights of ownership in the interim.

• Resolutive: The contract is considered complete upon the agreement of the thing and the price; ownership passes to the purchaser immediately, though it remains subject to the occurrence of the future event and potential annulment in