What is essential to perfect a sale in Louisiana?

In Louisiana, for a sale to be considered perfected, it is essential to have a definitive price agreed upon by both parties. The price serves as a critical element in any contract for sale because it demonstrates the intent of the buyer to purchase and the seller to sell, thereby establishing mutual consent. This principle is grounded in the civil law tradition, which underlies Louisiana's legal system. Without an agreed-upon price, there is no sale since the essence of a contract lies in the agreement on key terms, including consideration.

While elements such as the method of payment, a closing date, and the legal description of the property are important in the sale process, they are not strictly necessary to perfect the sale itself. The absence of these components may complicate the transaction or affect its execution, but they do not impede the basic requirements to establish a binding sales contract. Thus, the agreement on a price is fundamental to the perfection of a sale in Louisiana.