Contracts

Question 1

An agreement through meeting of the minds between two persons whereby one binds himself, with respect to the other, to give something or to render service.

Answer 1

Contract

Question 2

It has the force of law between the parties and has been complied with in good faith

Answer 2

Contract

Question 3

Refers to the legal aspect of an agreement as a contract

Answer 3

Force of law

Question 4

Denotes fairness and honesty of intention in the performance of the contract, so as to not destroy or injure the right of one of the parties

Answer 4

In good faith

Question 5

Obligation that arises from contracts

Answer 5

Conventional obligation

Question 6

Characteristics of Contract

Answer 6

Obligatory, Autonomy, Mutuality, Relativity, Consensuality

Question 7

Force of law between the contracting parties compel them to perform under the threat of civil action or lawsuit

Answer 7

Obligatory

Question 8

Such stipulations, clauses, terms, and conditions are established by the contracting parties as they may deem convenient, provided they are not contrary to law, morals, good customs, public order, or public policy

Answer 8

Autonomy

Question 9

Involve both of the parties, so that the validity or compliance of a contract cannot be left to the will of only one of them

Answer 9

Mutuality

Question 10

Effectivity is only between the parties, their assigns and heirs, except in case where the rights and obligations arising from the contract are not transmissible by their nature, or by stipulation or by provision of law

Answer 10

Relativity

Question 11

Mere consent that perfected the contract should bound the parties to the fulfillment of what has been expressly stipulated, and all the consequences which, according to their nature, may be in keeping with good faith, usage, and law

Answer 11

Consensuality

Question 12

Essential Elements of Contract

Answer 12

Consent, Object, Cause (causa)

Question 13

A meeting of the minds between parties with respect to the object and cause

Answer 13

Consent

Question 14

The thing, right, or service to be provided or performed under the contract

Answer 14

Object

Question 15

Essential purpose or reason for the contract

Answer 15

Cause (causa)

Question 16

Stages of Contract

Answer 16

Preparatory or conception, Perfection or birth, Consumption or death

Question 17

Process of formation through bargaining or negotiation, which begins from the time the prospective contracting parties manifest their interest in the contract that leads to the perfection of the contract

Answer 17

Preparatory or conception

Question 18

Either party may stop the process or withdraw an offer made.

Answer 18

Preparatory or conception

Question 19

Process of arriving at a definite agreement or meeting of the minds as to the elements of the contract, particularly the essential ones (object and cause)

Answer 19

Perfection or birth

Question 20

The fulfillment of the respective obligations of the parties under the contract, resulting to its accomplishment and extinguishment

Answer 20

Consumption or death

Question 21

The form of a contract is manifested by:

Answer 21

intent or will, expression of such intent or will

Question 22

Its psychological existence; only conceptual and cannot have legal value

Answer 22

Intent or will

Question 23

Its physical or logical existence; substantial and can have legal value

Answer 23

Expression of such intent or will

Question 24

Classifications of Contract according to form

Answer 24

Informal contact, Formal contract

Question 25

In any form as long as all the requisites or essential elements for its validity are present

Answer 25

Informal contact

Question 26

In a form required by the law

Answer 26

Formal contract

Question 27

Classifications of Contract according to the involvement of the parties

Answer 27

Unilateral contract, Bilateral contract

Question 28

One party is bound to fulfill an obligation for an act by
another party

Answer 28

Unilateral contract

Question 29

Both parties are bound to fulfill their mutual promises or
respective obligation to each other reciprocaIIy

Answer 29

Bilateral contract

Question 30

Classifications of Contract according to name or designation

Answer 30

Nominate contract, Innominate contract

Question 31

Has specific name or designation in law; such as commodatum, lease, agency, and sale

Answer 31

Nominate contract

Question 32

Has no specific name or designation in law; shall be regulated by the stipulations of the parties, by the Civil Code, by the rules governing the most analogous nominate contracts, and by the customs of the
place

Answer 32

Innominate contract

Question 33

do ut facias

Answer 33

I give that you may do

Question 34

facia ut des

Answer 34

I do that you may give

Question 35

facio ut facias

Answer 35

I do that you may do

Question 36

Classifications of Contract according to perfection

Answer 36

Consensual contract, Real contract, Solemn contract

Question 37

Perfected by mere consent; such as the
contract of sale, lease and agency

Answer 37

Consensual contract

Question 38

Perfected by mere consent and the delivery of the object;
such as deposit, pledge and commodatum

Answer 38

Real contract

Question 39

Perfected through compliance with the form required by
Iaw; identical with formal contract

Answer 39

Solemn contract

Question 40

Classifications of Contract according to cause or purpose

Answer 40

Onerous contract, Remuneratory contract, Gratuitous contract