Contract of promise of purchase and sale

A simple reciprocal promise of purchase and sale, being accompanied by specification of price and description of thing constitutes a mere agreement to perform an act, which shall be governed be general terms of contracts; with the difference, however, that where the earnest money is paid, i.e. any amount received by the promisor vendor, forfeiture of the same or its restitution in double shall serve as compensation for losses and damages. § Sole paragraph - In case of immobile assets, the contract must be drawn in writing, and, if made without consent of the wife of promisor vendor, the latter shall be liable to compensate the promisee purchaser for losses and damages.