Summary Business Organisation & Law, chapter 4
Definition of a contract of sale
Sale: “the agreement under which one of the parties undertakes to deliver a thing and the other party to pay a price in money in return”. As such sale is a reciprocal contract. The seller commits to handing over an object and the buyer commits to paying the price. Both have an individual obligation. Good are things and property rights. A thing is a physical object (tangible) which is subject to human control”.
Things are further divided into:
1. Movable property; all things which are not immovable
2. Immovable property; the ground and everything which is permanently joined to it (buildings, plants)