CC 2623 - Bilateral promise of sale; contract to sell - Louisiana Statutes

SECTION 2. CONTRACT TO SELL

Art. 2623. Bilateral promise of sale; contract to sell

An agreement whereby one party promises to sell and the other promises to buy a thing at a later time, or upon the happening of a condition, or upon performance of some obligation by either party, is a bilateral promise of sale or contract to sell. Such an agreement gives either party the right to demand specific performance.

A contract to sell must set forth the thing and the price, and meet the formal requirements of the sale it contemplates.

Acts 1993, No. 841, §1, eff. Jan. 1, 1995.