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That which is called sale is a contract by which a party, called seller, transfers the ownership over property to another party, called buyer, and the buyer agrees to pay the price thereof to the seller.

A promise of sale given in advance by one party will result in a sale only when the other party has notified his intention to carry the sale through and the notice has reached the promise giver already.

If no time is designated by the promise for the making of such notice, Lord says that the promise giver may designate a reasonable time and notify the other party to certainly reply within the designated time whether he will carry the sale through