1. Contract of sale- It is a contract whereby one of the parties (called the seller or vendor) obligates himself to deliver something to the other (called the buyer or purchaser or vendee) who, on his part, binds himself to pay therefore a sum of money or its equivalent known as the price. 2. Natural elements- those which are deemed to exist in certain contracts, in the absence of any contrary stipulations like warranty against eviction or hidden defects 3. Sale by description- a sale that is made without the buyer seeing the goods and having only a description of them from the seller. In sales by description, there is an implied condition that the goods shall correspond with the description in the catalogue. 4. Fungible Goods- A description applied to items of which each unit is identical to every other unit, such as in the case of grain, oil, or flour. Fungible goods are those that can readily be estimated and replaced according to weight, measure, and amount. 5. Conditional Sale- a sale of property or goods which will be completed if certain conditions are met (as agreed) by one or both parties to the transaction. II. Discussions