Explanation of Article 307
It is derived from the definition of sale in this article that a contract of sale is a contract of exchange that transfers ownership, and it is a consensual contract that does not require a specific form for its conclusion. The contract of sale is binding on both parties, and neither party can unilaterally rescind it without the consent of the other party. The subject of the obligation in a contract of sale is the transfer of a real right, which may be the right of ownership, as is the norm and most common in sales, or it may be another real right, such as the right of usufruct. The subject may also be an existing personal right, as in the assignment of a right if the assignment of the right is for monetary consideration and the assigned right includes an obligation to transfer a real right. The restriction in the article that ownership must be in exchange for a monetary price excludes the barter contract.
Related To
Article 307
Sale is a contract under which a seller transfers ownership of the sold item to a buyer in return for a cash amount.