Section 516.- If the highest bidder fails to pay the price, the auctioneer shall resell the property. If the net proceeds of such sale do not cover the price and costs of the original auction, the original bidder is liable for the difference.

 

Section 517.- The auctioneer is liable for any part of the proceeds of an auction which remains unpaid owing to his failure to enforce the provisions of Section 515 or 516.

 

TITLE II

EXCHANGE

 

Section 518.- Exchange is a contract whereby the parties transfer to one another the ownership of property.

 

Section 519.- The provisions of Title I concerning Sale apply to Exchange, each party to a contract of exchange being considered as a seller with regard to the property delivered in exchange, and as a buyer with regard to the property received in exchange.

 

Section 520.- If one party to a contract of exchange agrees to transfer to the other party money in addition to other party, the provisions of Title I concerning Price shall apply to such money.

 

TITLE III

GIFT

 

Section 521.- A gift is a contract whereby a person, called the donor, transfers gratuitously a property of his own to another person, called the donee, and the donee accepts such property.

 

Section 522.- A gift may be made by granting to the donee the release of an obligation or by performing an obligation due from the donee.

 

Section 523.- A gift is valid only on delivery of the property given.

 

Section 524.- If a right represented by a written instrument is given, the gift is not valid unless such instrument is delivered to the donee and the gift is notified in writing to the debtor of the right.

 

Section 525.- The gift of a property the sale of which must be made in writing and registered by the competent official is valid only when so made and registered by the competent official. In such case it is valid without delivery.

 

Section 526.- If a gift or a promise for a gift has been made in writing and registered by the competent official and the donor does not deliver to the donee the property given, the donee is entitled to claim the delivery of it or its value, but he is not entitled to any additional compensation.