CHAP 3 (contracts)

Question 1

Form of a contract

Answer 1

Refers to the MANNER in which a CONTRACT IS EXECUTED OR MANIFESTED

Question 2

Informal or common or simple contract

Answer 2

May be entered into in WHATEVER FORM provided ALL THE ESSENTIAL REQUISITES for their VALIDITY are PRESENT

May be ORAL or WRITTEN

May even be IMPLIED from the CONDUCT OF THE PARTIES

Question 3

Formal or solemn contract

Answer 3

Which is required by law for its EFFICACY to be IN A CERTAIN SPECIFIED FORM

Question 4

Forms of contract

Answer 4

May be ORAL, or in WRITING, or PARTLY ORAL and PARTLY IN WRITING

If it is in writing, it may be PUBLIC or a PRIVATE INSTRUMENT

It may EXPRESS when the parties expressly set forth for their intentions.

It can also be IMPLIED when their intentions may be inferred from their actions or conduct

Question 5

The form of a contract is REQUIRED in the following cases

Answer 5

1. When the LAW REQUIRES that a contract be IN SOME FORM to be VALID
2. When the LAW REQUIRES that a contract be IN SOME FORM to be ENFORCEABLE or PROVED IN A CERTAIN WAY
3. When the LAW REQUIRES that a contract be IN SOME FORM for the CONVENIENCE OF THE PARTIES or for the PURPOSE OF AFFECTING THIRD PERSONS