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What is the object of the contract?

1595. The object of a contract is the thing which it is agreed, on the part of the party receiving the consideration, to do or not to do. 1596. The object of a contract must be lawful when the contract is made, and possible and ascertainable by the time the contract is to be performed.

What is the object in a contract of sale?

The object of the contract must be within the commerce of men, which means that it is legal and its ownership is transferable. Rights that are transmissible or personal may also be the object of the contract of sale.

What is the object and what is the cause in a contract of sale?

The thing or the object of the contract of sale is a bilateral or reciprocal contract which is the cause for one is the subject or object for the other, and vice versa.

What do you mean by contract of sale?

A contract of sale, sales contract, sales order, or contract for sale is a legal contract for the purchase of assets (goods or property) by a buyer (or purchaser) from a seller (or vendor) for an agreed upon value in money (or money equivalent).

How is a contract of sale performed?

The Performance of a Sale Contractile performance of a contract of sale implies delivery of goods by the seller and acceptance of the delivery of goods and payment for them by the buyer, in accordance with the contract. Actual delivery goods are physically handed over by the seller to the buyer.

What is the difference between object and form of contract?

The main difference between the two i.e. an agreement and a contract is that all agreements are not enforceable under the law whereas all contracts have legal backing and are enforceable under the law. Whereas a contract is also an agreement between two or more parties for the doing or not doing of something specified.

Is there a difference between a contract and an agreement?

An agreement is any understanding or arrangement reached between two or more parties. A contract is a specific type of agreement that, by its terms and elements, is legally binding and enforceable in a court of law.

What is contract and its types?

A contract is an agreement between two entities or individuals, which serves as legal protection for both parties involved in a potential business deal. Two different kinds of groups of contracts are fixed price contracts and cost-reimbursement contracts.

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