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Law on Sales Chapter 1-3 Reviewer Essay Preview: Law on Sales Chapter 1-3 Reviewer Report this essay CHAPTER 1 – Nature and Form of the ContractContract of sale Characteristics:Consensual – by mere consentBilateral – both are boundOnerous – there is priceCommutative – equivalentNominate – “sale”Principal – independent contractEssential requisites:Consent/meeting of minds Object Cause/considerationKinds of contract of.