Definition of a contract of sale
The contract of sale is an agreement whereby one of the parties obligates himself to deliver something to the other who, on his part, binds himself to pay therefore for a sum of money or its equivalent. (Art. 1458 NCC)
Parties in a Contract of Sale
a. Seller or Vendor- Obligates to deliver something
b. Buyer or Vendee- binds himself to pay for the thing delivered in money or its equivalent.