1. Definition. a. Contract of Sale – By the contract of sale, one of the parties obligates himself to transfer the ownership of and to deliver a determinate thing, and the other to pay therefore a price certain in money or equivalent. (Article 1458) b. Conditional Sale – It is one kind of contract of sale where the sale contemplates a contingency, and in general, where the contract is subject to certain conditions, usually the full payment of the purchase price. The delivery of the thing sold does not transfer ownership until the condition is fulfilled. c. Sale by Description – It occurs where a seller sells things being of a particular kind, the buyer not knowing whether the seller’s representations are true or false, but relying on them as true; or, as otherwise stated, where the purchaser has not seen the article sold and relies on the description given him by the vendor, or has seen the goods but the want of identity is not apparent on inspection. If the bulk of the goods delivered do not correspond with the description, the contract may be rescinded. (Article 1481) d. Fungible Goods – These are goods of which any unit is, from its nature or by mercantile usage, treated as the equivalent of any other unit such as grain, oil, wine, gasoline, etc.

2. What remedies are available to a vendor in sale of personal property payable in installments? The vendor of personal property payable in installments may exercise any of the following remedies: a. Exact fulfilment of the obligation, should the vendee fail to pay; b. Cancel the sale, should the vendee’s failure to pay cover two or more installments; c. Foreclose the chattel mortgage on the thing sold, if one has been constituted, should the vendee’s failure to pay cover two or more installments. In this case, he shall have no further action against the purchaser to recover any