Cap. 16 Art. 1357Promise to sell.

(1) A promise to sell a thing for a fixed price, or for a price to be fixed by one or more persons as stated in the foregoing articles, shall not be equivalent to a sale; but, if accepted, it shall create an obligation on the part of the promisor to carry out the sale, or, if the sale can no longer be carried out, to make good the damages to the promisee.

(2) The effect of such promise shall cease on the lapse of the time agreed between the parties for the purpose or, failing any such agreement, on the lapse of three months from the day on which the sale could be carried out, unless the promisee calls upon the promisor, by means of a judicial intimation filed before the expiration of the period applicable as aforesaid, to carry out the same, and unless, in the event that the promisor fails to do so, the demand by sworn application for the carrying out of the promise is filed within thirty days from the expiration of the period aforesaid.

(3) A promise of sale or purchase, by whatever name called, of ships and aircraft, including an aircraft engine, shall be regulated by the provisions of any agreement between the vendor and the purchaser in accordance with its terms as well as by the international usages of trade applicable in the context. Sub-article

(2) shall not apply in such cases and:

(a) the effect of such promise shall cease on the lapse of time or on the events agreed between the parties for the purpose; and

(b) any notices which may be required to be given by the parties may be given by notice in writing in any manner, including by electronic means.