Contracts Flashcards
It is a legally binding agreement that defines and governs the rights and duties between or among its parties.
Contract
any forms as long as all the requisites or essential elements for it’s validity are present
Informal Contract
in a form required by the law
Formal Contract
one party is bound to fulfill an obligation for an act by another party
Unilateral Contract
both parties are bound to fulfill their mutual promises or respective obligation to each other reciprocally
Bilateral Contract
has a specific name or designation by law; such as commodatum, lease, agency, and sale.
Nominate Contract
has no specific name or designation in law; shall be regulated by the most analogous nominate contracts, and by the customs of the place.
Innominate Contract
the purpose is the performance of an obligation by one party as the other party performs or has performed its own obligation
Onerous Contract
the purpose is the remuneration or payment by one party for a service or benefit previously rendered by the other party.
Remunetory Contract
the purpose is the mere liberality or the feeling by one party that the other party (benefactor) has been generous; such as free, or pure donation
Gratuitous Contract
with such stipulations, clauses, terms and conditions that are not contrary to law, morals, good customs, public order, or public policy
Valid Contract
with legal validity, but may be rescinded or revoked in the cases established by law
Rescissible Contract
with legal validity but may be invalidated by a court action on the grounds of mistake, violence, intimidation, undue influence, fraud, or incapacity of one of the parties to give consent.
Voidable/Annulable Contract
with legal validity but cannot be enforced through court action by reason of defects, unless it ratified according to the law.
Unforceable Contract
with no validity at all because of certain defects, such as illegality; considered inexistent from the very beginning and cannot be ratified according to law
Void Contract
