Article 1458
ELI5— what this means for you
A contract of sale: one party (seller/vendor) obligates themselves to transfer ownership of a thing and deliver it, and the other (buyer/vendee) pays the price in money or its equivalent.
Official text — RA 386
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.
A contract of sale may be absolute or conditional. (1445a)
Source: lawphil.net (RA 386 as amended)
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