Classifications of Contracts

Question 1

1906 Def of Contract

Answer 1

A contract is an agreement by two or more parties whereby obligations are created, modified, or extinguished

Question 2

1907 unilateral contracts

Answer 2

a contract is unilateral when the party accepts the obligation does not assume a reciprocal obligation
one way street

Question 3

1908 Bilateral or Synallagmatic Contracts

Answer 3

The parties obligate themselves reciprocally, so that the obligation of each party is correlative to the obligation of the other
two way street
parties have bound themselves reciprocally

Question 4

1909 Onerous contracts

Answer 4

Each of the parties obtains an advantage in exchange for his obligation.
you give something bc you want something in return
in contract of sale, cause in onerous

Question 5

1910 Gratuitous contracts.

Answer 5

One party obligates himself towards another for the benefit of the latter, w/o obtaining any advantage in return.
the principal cause in a gratuitous contract is liberality.

Question 6

1911 Commutative contracts

Answer 6

the performance of the obligation of each party is correlative to the performance of the other party
do not confuse with bilateral
ex. in a contract of sale, my performance ( giving u $) is directly related to your (giving item)

Question 7

1912 Aleatory contracts

Answer 7

The performance of either party’s obligations, or the extent of the performance, depends upon an uncertain event.
Example. Insurance , gambling.

Question 8

What is a principal contract?

Answer 8

when secured obligations arises from a contract, either between the same or other parties.
A principal contract can stand on its own

Question 9

what is an accessory contract?

Answer 9

When a contract is made to provide security for the performance of another obligation
ex. warranty, mortgage(?)

Question 10

1914 Nominate contracts

Answer 10

are those given a special designation such as sale, lease, loan, or insurance,
Innominate contracts are those with no special designation in the law.

Question 11

What are the 3 implied kinds of contracts?

Answer 11

Consensual - no required formalities for creation; verbal agreement suffices
solemn - agreement must be expressed in a certain form (ie marriage)
Real - the delivery of the object of the contract must be made for the perfection of the contract