CE LAW (1st Quiz) Contracts and Obligation Flashcards
a juridical necessity to give, to do or not to do
Obligation
derived from the Latin word _____, which means to bind through giving , doing or not doing something.
“ OBLIGARE “
because the rights and duties emanating from the obligation may be enforced by the courts of law which may order their performance if refused or neglected.
A juridical necessity
The obligation to give is in essence a real obligation because a physical thing is involved, the delivery of the same extinguishes the obligation.
“ to give , to do or not to do “
is the moral or legal duty that requires an individual to perform , as well as potential penalties to perform. An obligation is a duty to do what is imposed by contract, promise or law.
Obligation
The prestation to do or not to do are _______, , like to draw a plan of a house ( positive one ) or not to draw a plan ( a negative one).
personal obligations
An obligation is nothing more than the duty of a person
Obligor
satisfy a specific demandable claim of another person, which, if breached is enforceable in court
obligee
obligation has four (4) essential requisites namely
- Juridical Tie or Vinculum
- Prestation
- Active Subject
- Passive Subject
is the link that bind the parties
Juridical Tie or Vinculum
which is the giving, doing, or not doing of something
Prestation
which is the person who holds the right to demand the prestation
Active Subject
which is the person against whom the prestation maybe demanded
Passive Subject
Article 1157 of the Civil Code enumerates the sources of OBLIGATIONS namely;
a) Obligations arising from LAW
b) Obligations arising from CONTRACTS
c) Obligations arising from QUASI-CONTRACTS
d) ACTS OF OMISSIONS PUNISHABLE BY LAW
e) QUASI-DELICTS
This kind of Obligation is dictated by Law like the obligation of husband and wife to live with each other, observe mutual respect and fidelity and render mutual support.
Obligation arising from LAW
A contract is the meeting of minds between two persons , whereby one binds himself with respect to the other to give something or render some services.
Obligation arising from CONTRACTS
When duly entered into, the obligation from Contract have the full force of the law between the parties, hence should be complied with __________
in good faith.
is a legally binding agreement between two or more parties. Once signed, this contractual agreement creates a promise that certain rights and obligations will be fulfilled by each party.
contract
__________ is at the heart of every contract.
a promise
promise or arrangement between two or more parties to do , or not to do, something, Its usually informal and sometimes unwritten( but not always ).
An agreement
Agreements like these are based on _____
aren’t legally enforceable in court or with arbitration – so if one party doesn’t do what they’ve said they will ( for example if the contractor or volunteer don’t turn up), the other party likely can’t seek a remedy or enforcement through the courts.
TRUST
Law defines a contract as
“meeting of the minds between two persons whereby one binds himself with respect to the other, to give something, or to render some service”
Every contract passes through three(3) distinct stages:
a) Preparation or conception,
b) Perfection or birth
c) Consumation or termination.
starts from the inception and negotiation that may lead to the parties coming to the terms of the contract
Preparation Stage
