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OBLICON > CHAP 2 SEC 1 (contracts) > Flashcards

CHAP 2 SEC 1 (contracts) Flashcards

(59 cards)

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1
Q

Consent

A

is the CONFORMITY of WILLS

with respect to contracts
- it is the agreement of the will of one contracting party with that of another or others, upon the OBJECT and TERMS of the contract.

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2
Q

Mutual assent or meeting of minds

A

takes place when there is an OFFER and ACCEPRTANCE of the offer

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3
Q

Offer

A

proposal made by one party (offerer) to another (offeree), indicating a willingness to enter into a contract

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4
Q

Acceptance

A

is the manifestation by the offeree of his assent to the terms of the offer.

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5
Q

Express acceptance

A

it may be oral or written

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6
Q

Implied acceptance

A

inferred from act or conduct

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7
Q

counter-offer

A

considered a rejection of the original offer and is an attempt by the parties to enter into a contract on a different basis

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8
Q

Agent

A

is an extension of the personality of his principal

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9
Q

An OFFER becomes INEFFECTIVE upon the…

A

DCII

  1. death
  2. civil interdiction
  3. insanity
  4. insolvency

of either party BEFORE acceptance is conveyed

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10
Q

Option contract

A

is giving a person for the consideration
a CERTAIN PERIOD within which to accept the offer of the offerer

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11
Q

Option

A

PRIVILEGE itself given to the OFFEREE to accept the offer within a certain period

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12
Q

Option period

A

is the PERIOD GIVEN within which the offeree MUST ACCEPT THE OFFER

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13
Q

Option money

A

the MONEY PAID OR PROMISED to be PAID IN CONSIDERATION for the option

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14
Q

Earnest money

A

PARTIAL PAYMENT of the PURCHASE PRICE and is considered as PROOF OF THE PERFECTION OF THE CONTRACT

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15
Q

Business advertisements

A

are not definite offers

but are merely INVITATIONS to the reader to MAKE AN OFFER

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16
Q

In JUDICIAL SALES…

A

the SHERIFF or auctioneer is bound to accept the HIGHEST BID

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17
Q

People who CANNOT GIVE CONSENT to a contract

A
  1. UNEMANCIPATED MINORS
  2. INSANE or DEMENTED persons; and DEAF-MUTES who do NOT KNOW HOW TO WRITE
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18
Q

Voidable contract

A

it is VALID and BINDING until it is ANNULLED by a proper action in court

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19
Q

Unemancipated minors

A

persons who have not yet reached the age of majority (18 years) and are still subject to PARENTAL AUTHORITY

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20
Q

For INSANE or DEMENTED PERSONS

A

insanity MUST EXIST at the TIME OF CONTRACTING

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21
Q

Lucid interval

A

TEMPORARY period of SANITY

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22
Q

Drunkenness and hypnotic spell..

A

IMPAIR the capacity of a person to GIVE INTELLIGENT CONSENT

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23
Q

Characteristics of consent

A
  1. it is INTELLIGENT
  2. it is FREE AND VOLUNTARY
  3. it is CONSCIOUS OR SPONTANEOUS
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24
Q

it is intelligent

means

Study These Flashcards
A

there is CAPACITY TO ACT

25
it is free and voluntary means
NO VITIATION OF CONSENT by reason of VIOLENCE OR INTIMIDATION
26
it is conscious or spontaneous means
NO VITIATION OF CONSENT by reason of MISTAKE, UNDUE INFLUENCE, or FRAUD
27
Vices of consent
1. ERROR or MISTAKE 2. VIOLENCE or FORCE 3. INTIMIDATION of THREAT or DURESS 4. UNDUE INFLUENCE 5. FRAUD or DECEIT
28
Causes vitiating consent
it is TEMPORARY refers to the CONTRACT ITSELF
29
Causes of incapacity
it is more or less PERMAMENT refers to the PERSON entering into the contract
30
Mistake or error
FALSE NOTION of a thing or a fact MATERIAL to the CONTRACT
31
Mistake of fact
it may arise from IGNORANCE or LACK OF KNOWLEDGE
32
Susbtantial mistake of fact
mistake CONTEMPLATED by LAW party would not have given his consent had he KNOWN OF THE MISTAKE
33
Unilateral mistake
ONE PARTY is mistaken about a material fact
33
Bilateral mistake
BOTH PARTIES are in ERROR
33
In order that mistake MAY VITIATE CONSENT, it must refer to
1. the SUBSTANCE OF THE THING which is the object of the contract 2. those CONDITIONS which have principally moved one or both parties to enter into the contract 3. the IDENTITY OR QUALIFICATIONS of one of the parties provided the same was the principal cause of the contract
34
Mistake which DOES NOT VITIATE CONSENT
1. Error as regards the INCIDENTS OF A THING or ACCIDENTAL QUALITIES THEREOF not taken as the PRINCIPAL CONSIDERATION OF THE CONTRACT 2. mistake as to QUANTITY OR AMOUNT 3. error as regard the MOTIVES of the contract 4. Mistake as regards the IDENTITY OF QUALIFICATIONS of a party 5. Error which COULD HAVE BEEN AVOIDED by the party ALLEGING IT
35
where mistake is SIMPLE
it does not affect the contract the defect in the computation of the account or amount can be corrected
36
where mistake is GROSS
party CANNOT AVOID LIABILITY on the ground of mistake in computation
37
Mistake of law
arises from an IGNORANCE of SOME PROVISION OF LAW, or from ERRONEOUS INTERPRETATION of its meaning, or from an ERRONEOUS CONCLUSION as to the LEGAL EFFECT of an agreement, on the part of one of the parties
38
ignorantia legis neminem excusat
ignorance of the law excuses no one
39
Requisites of mistake of law
1. the error must be MUTUAL 2. it must be as to the LEGAL EFFECT OF AN AGREEMENT 3. it must FRUSTRATE THE REAL PURPOSE OF THE PARTIES
40
Violence
requires the EMPLOYMENT of PHYSICAL FORCE
41
Requisites for intimidation
1. It must produce a REASONABLE AND WELL-GROUNDED FEAR OF AN EVIL 2. the evil must be IMMMINENT AND GRAVE 3. the evil must be upon HIS PERSON OR POROPERTY, or that of his SPOUSE, DESCENDANTS, OR ASCENDANTS 4. it is the REASON WHY he enters into a contract
42
Reverential fear
fear of DISPLEASING A PERSON to whom RESPECT AND OBEDIENCE are DUE
43
undue influence
Is INFLUENCE of a kind that so OVERPOWERS THE MIND OF A PARTY as to PREVENT HIM FROM ACTING UNDERSTANDINGLY and VOLUNTARILY to do what he would have done of he had been left to exercise FREELY his OWN JUDGMENT AND DISCRETION
44
Examples of circumstances to consider to determine whether UNDUE INFLUENCE HAS BEEN EXERCISED
1. Confidential, family, spiritual, and other relations between the parties 2. Mental weakness 3. Ignorance 4. Financial distress of the person alleged to have been unduly influenced
45
Causal fraud
- Fraud committed by ONE PARTY before or at the time of the CELEBRATION OF THE CONTRACT to SECURE the CONSENT OF THE OTHER - Fraud used by a party to INDUCE THE OTHER to ENTER INTO A CONTRACT without which the latter WOULD NOT HAVE AGREED TO
46
Insidious words or machinations
Include any MISREPRESENTATION in WORDS OR ACTIONS DONE with a FRAUDULENT PURPOSE
47
Requisites of causal fraud
1. There must be MISREPRESENTATION OR CONCEALMENT of a MATERIAL FACT with knowledge of its FALSITY 2. It must be SERIOUS 3. It must have been employed by one ONLY OF THE CONTRACTING PARTIES 4. It must be made in BAD FAITH or with INTENT TO DECEIVE the other contracting party who had no knowledge of the fraud 5. It must have INDUCED THE CONSENT of the other contracting party 6. It must be ALLEGED AND PROVED BY CLEAR AND CONVINCING EVIDENCE
48
Concealment
Equivalent to misrepresentation or false representation
49
Dealer’s talk / Trader’s talk
REPRESENTATIONS which DO NOT APPEAR on the FACE of the CONTRACT and these DO NOT BIND EITHER PARTY
50
A mere expression of an opinion MAY AMOUNT TO FRAUD if:
1. It must be MADE BY AN EXPERT 2. The other contracting party has RELIED ON THE EXPERT’S OPINION 3. The opinion TURNED OUT TO BE FALSE OR ERRONEOUS
51
Two kinds of fraud in the making of contract
1. Causal fraud 2. incidental fraud
52
Causal fraud
A ground for the ANNULMENT of a contract although it MAY ALSO give rise to an ACTION FOR DAMAGES
53
Incidental fraud
Only renders the party who employs it LIABLE FOR DAMAGES because the fraud was not the PRINCIPAL INDUCEMENT that led the other to give his consent
54
Simulation of a contract
Act of DELIBERATELY DECEIVING OTHERS, by feigning or pretending by agreement, the appearance of a contract which is either NON-EXISTENT or CONCEALED
55
Kinds of simulation
1. Absolute simulation 2. Relative simulation
56
Absolute simulation
Contract does NOT REALLY EXIST and the PARTIES DOES NOT INTEND TO BE BOUND AT ALL
57
Relative simulation
The contract entered into by the parties is DIFFERENT FROM THEIR TRUE AGREEMENT

OBLICON (13 decks)

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