Chapter 4 Flashcards
(31 cards)
What is the meaning of contracts?
Meeting of minds between two persons whereby one binds himself to give something or to render service
Can there be an obligation w/o a contract?
Yes
Can there be a contract w/o obligation?
No, contracts are sources of obligations therefore entering a contract automatically gives you an obligation
What are the elements of a contract?
Essential
Natural
Accidental
What are essential elements?
Elements which are required to be present, and an absence of any of the essential elements (consent, object, cause) shall render the contract void
What are natural elements?
Elements that exists in some contracts that does not require stipulation;
Who puts natural elements in some contracts?
The law
Can the parties remove natural elements?
Yes
What are accidental elements?
Elements that does not exist in a contract and requires stipulation of the party in order to be included
What are the classification of contracts according to perfection?
Consensual - perfected by essential elements
Real - perfected by essential elements and delivery
Formal or Solemn - perfected by essential elements and formalities
Whatare the classifications of contracts in relation to other contracts?
Principal - can exist on its own
Accessory - existence depends on principal contract
Preparatory - needed for formation of subsequent contracts
Are preparatory also considered principal contract?
Yes
What are the classifications of contracts based on parties obliged?
Unilateral - only one party obliged
Bilateral - both parties obliged
What are the classifications of contracts based on name?
Nominate - given special names by law
Innominate - no name given by law
What are the types of innominate contracts?
Do ut des - i give that you may give
Do ut facias - i give that you may do
Facio ut des - i do that you may give
Facio ut facias - i do that you may do
What are the steps in dealing with innominate contracts?
- Look at the stipulations
- Observe rules governing law on oblicon
- Observe rules governing most analogous contracts
- Know the customs of the place
What are the classificstions of a contract according to risk?
Commulative - undertaking of one is equal to the other
Aleatory - uncertain events may affect one party (either gain or loss)
What are the classification of a contract according to cause?
Onerous - has valuable consideration
Gratuitous - purely out of generosity
Remuneratory - based on services or benefits already received
Classification according to binding force
Valid
Recisible
Voidable
Unenforceable
Void
What are the stages of a contract?
Preparation/Conception/Generation/Negotiation
Perfection/Birth/Formation
Consummation/Death/Extinguishment
What are the characteristics of a contract?
Mutuality
Autonomy
Relativity
Consensuality
Obligatory force
Is a contract valid if one of the party stipulated a term w/o the other agreeing to it?
No
What are the options of the contracting party if they cannot reach an agreement?
Appoint a third person to make decisions regarding certain stipulations
What if the stipulation made by the third person is deemed to be inequitable?
It will not be obligatory, the courts shall decide what is equitable in that circumstance
