Buy and sell

economic-dictionary

The sale is a contract by which an agent (seller) agrees to deliver a good. This, in exchange for an economic consideration from its counterpart (buyer).

That is, a sale is an agreement by which a seller transfers a product to the buyer. In this way, a need is satisfied.

It should be noted that the sale is the most common way to transfer ownership of an object. Thus, it can be said that it replaced the practice of barter that existed before the invention of money, when agents exchanged one good for another.

Another point to take into account that the sale can be made between people, between companies, or between people and companies. In addition, the consideration that the buyer must make does not have to be immediate, but can be agreed in the future, either in a single payment or in several installments.

The characteristics of the sales contract are mainly the following:

  • Bilateral: Two different parties participate: buyer and seller, with obligations and rights each.
  • Onerous: Both parties to the contract obtain an economic benefit.
  • Consensus: Requires the consent of both contracting parties.
  • Commutative: It refers to the fact that there must be an equivalence between what is given and what is received.

It should be noted that the sale does not require a formal written contract. The latter occurs mainly when the object of the transaction has a very high value, as is the case of real estate. Otherwise, only a verbal agreement is required.

Elements of a sales contract

The parties to a sales contract are:

  • Thing: Object that is transferred.
  • Price: It is the monetary value that is assigned to the thing subject to the sale.
  • Formal document: In some cases, as we have explained previously, the conditions of the transaction will be established in writing.
  • Validity elements: In the event that a formal document is constituted, other elements are required to give validity to the transaction. The seller, for example, must have the title of property of the property that he seeks to transfer.

Tags:  Colombia right Spain 

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