Contract of sale

According to the Civil Code of the Philippines Article 1458, the contract of sale has three stages: negotiation, perfection, and consummation. • Negotiation begins when prospective contracting parties indicate interest in the contract, ending with its finalization. • Perfection begins upon the concurrence of the elements of sale. These elements include the meeting of the minds, determinate subject matter or object, and the price certain in money or its equivalent. • Consummation happens when the parties perform their respective undertaking, resulting to the extinguishment of the contract. In the United States, according to the Uniform Commercial Code Article 2, the contract of sale can be formed in different ways: (1) offer and acceptance, where a sale begins with an offer and acceptance; (2) firm offers, where a merchant's written offer remains open for a specified time; and (3) battle of the forms, where conflicting terms in exchanged forms are resolved by the UCC. ==Contract of sale vs. Contract to sell==

In some jurisdictions such as the Philippines and India, there is a distinction between a contract of sale and a contract to sell. Under the Indian Sale of Goods Act, 1930 paragraph 8.2.2, a contract of sale is an actual sale when there is a transfer of ownership at the time of entering the contract. It is an agreement to sell, however, when the transfer of ownership is to be agreed later. In the Philippines, under Article 1458 of the Civil Code, a contract is a contract of sale when ownership is transferred upon perfection of the contract while a contract to sell, although not explicitly stated in the civil code, is when the ownership is not transferred until a suspensive condition is met. ==See also==