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1 WHAT IS SALE

A SALE is the exchange of a commodity or money as the price of a good or a service.[1]


Sales is activity related to selling or the amount of goods or services sold in a given
time period. A sale is a transaction between two parties where the buyer receives
goods (tangible or intangible), services and/or assets in exchange for money. It
can also refer to an agreement between a buyer and seller on the price of a
security. A sale functions as a contract between the buyer and seller of the
selected good or service.

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.

3. DISTINGUISH CONTRACT OF SALE

Contract to Sell

A Contract to Sell is an agreement between a buyer and a seller whereby the


seller promises to sell something to the buyer and the buyer promises to buy it.
But generally, in this kind of contract, the ownership of the subject thing is not
transferred to the buyer upon the signing of the contract. There are usually
conditions to be complied with by one or both of the parties. And the transfer of
ownership will only happen when those conditions are met.

Contract of Sale

A Contract of Sale is an agreement between a buyer and a seller whereby the


seller agrees to give or deliver something to the buyer for a certain price which
the buyer agrees to pay. In contracts like this, when the buyer pays and the
seller delivers, the transfer of ownership is also done at the same time.

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.

4. WHAT IS AGENCY TO SALE


Contractual agreement under which an agent acquired the right to negotiate sale
of principals goods and services, usually in exchange of commission or fee
computed as a percentage of sale generated.
5. WHO ARE THE PARTIES OF CONTRACT SALE
SELLER
A seller is an individual or entity that exchanges any type of good or
service in return for payment.
BUYER
A buyer is any person who contracts to acquire an asset in return for
some form of consideration.