Nature, Forms, and Elements of Sale

A contract of sale is generally a formal contract.

• True

• False

One of the characteristics of a contract of sale is that it is consensual in nature.

• True

• False

Delivery of the goods subject of the sale is required in order to have a consummated contract of sale.

• True

• False

A contract to sell contemplates of a sale on contingency, that is subject to certain conditions.

• True

• False

A contract of sale is innominate.

• True

• False

To be valid, the object of a contract of sale must be within the commerce of men.

• True

• False

It is sufficient that the seller must have the right to sell the thing at the time when the ownership is to pass.

• True

• False

Even future things, not existing at the time the contract is entered into, may be the object of sale provided it has a potential or possible existence.

• True

• False

The sale of hope or expectancy is itself valid even if the thing hoped or expected does not come into existence.

• True

• False

Property or goods which at the time of the sale, are not owned by the seller but which are to be acquired by him, can be subject of an executed sale.

• True

• False