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S (seller) and B (buyer) entered into a contract of sale of a parcel of land. The sale is embodied only in a private document

  1. S (seller) and B (buyer) entered into a contract of sale of a parcel of land. The sale is embodied only in a private document and not in a public instrument because it was not acknowledged before a notary public as required by law. Is the sale valid?

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  1. In the same example, what rights, if any, are acquired by the contracting parties?

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