Sales – Nature and Form

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. (Article 1458, Civil Code)

Absolute or conditional. A contract of sale may be absolute or conditional. (Paragraph 2, Article 1458, Ibid.)

Determinate thing; Particularly designated or physically segregated. A thing is determinate when it is particularly designated or physically segregated from all other of the same class.(Article 1460, Ibid.)

Same; Capable of being made determinate at time of contract. The requisite that a thing be determinate is satisfied if at the time the contract is entered into, the thing is capable of being made determinate without the necessity of a new or further agreement between the parties. (Paragraph 2, Article 1460, Ibid.)

Same; Must be licit. The thing must be licit and the seller must have a right to transfer the ownership thereof at the time it is delivered. (Article 1459, Ibid.)

Same; Have potential existence. Things having a potential existence may be the object of the contract of sale. (Article 1461, Ibid.)

Same; Same; Mere hope or expectancy. The efficacy of the sale of a mere hope or expectancy is deemed subject to the condition that the thing will come into existence. (Paragraph 2, Article 1461, Ibid.)

Same; Same; Vain hope or expectancy. The sale of a vain hope or expectancy is void. (Paragraph 3, Article 1461...