Professional Documents
Culture Documents
2. ELEMENT OF SALE
Natural elements those elements which are found in a contract by its nature and
presumed by law to exist, such as Warranty of hidden defects or eviction in
contract of sale.
Accidental elements those which exist by virtue of an agreement for the purpose
of expanding, limiting, or modifying a contract. Such accidental elements are
condition, clauses, terms, modes of payment, or penalties.
Contract to Sell
Contract of Sale
This is usually not applicable to situations where the seller is not yet ready to
deliver the thing being sold. Nor is it applicable where the buyer is not yet ready
to pay the price in full.
However, even if the buyer cannot pay in full right away, both parties may still
agree on the transfer of ownership to the buyer. This is, provided that the seller
can readily deliver what he is selling. And subject to what we call a resolutory
condition that when the buyer fails with his payment(s), the seller will take back
the thing sold.