2 - Enumeration (Contracts & Obligations)

Question 1

Essentials of a Valid Contract (9)

Answer 1

1. Offer and Acceptance
2. Intention to create legal relationship
3. Lawful consideration
4. Capacity of parties-Competency
5. Free and genuine consent
6. Lawful object
7. Agreement not declared void
8. Certainty and possibility of performance
9. Legal formalities

Question 2

Stages of Contract

Answer 2

1. Preparation or Conception
2. Perfection of Birth
3. Consummation or termination

Question 3

Classification of Contracts

Answer 3

1. Validity
2. Formation
3. Performance

Question 4

VALIDITY

Answer 4

1. Voidable Contract
2. Void Agreement
3. Void Contract
4. Illegal Agreement
5. Unenforceable Contract

Question 5

FORMATION

Answer 5

1. Express Contract
2. Implied Contract
   - - a. Implied-by-Fact
   - - b. Implied-by-Law (Quasi Contract)

Question 6

PERFORMANCE

Answer 6

1. Executed by contract
2. Executory contract
   - - a. Unilateral Contract
   - - b. Bilateral Contract

Question 7

Classes of Contracts

Answer 7

1. Express & Implied
2. Unilateral & Bilateral
3. Consensual & Real Contracts
4. Executed & Executory Contracts
5. Nominate & Innominate Contracts

Question 8

Example of Intransmissible Right and Obligations

Answer 8

By Law
By Nature
By Stipulation

Question 9

Elements of a Contract

Answer 9

Consent of the contracting parties

Object certain which is the subject matter of the contract

Cause of the obligation which is established

Question 10

Elements to Fraud

Answer 10

(1) a false statement of a material fact,
(2) knowledge on the part of the defendant that the statement is untrue,
(3) intent on the part of the defendant to deceive the alleged victim,
(4) justifiable reliance by the alleged victim on the statement, and
(5) injury to the alleged victim as a result.