Contracts 1 Flashcards
TRUE OR FALSE
A contract is a meeting of the minds between two contracting parties which takes place when an offer made by one is accepted as such by the other.
TRUE
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A contract cannot be given effect if it is contrary to law because law is superior to contract.
TRUE
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The impossibility of anticipating all forms of agreement on one hand, and the progress of man’s sociological and economic relationships on the other justify the
provision on innominate contracts.
TRUE
TRUE OR FALSE
When a law requires that a contract be in some form to be valid, the compliance therewith is not necessary for its perfection.
FALSE
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Prescription or the lapse of time can cure the defects of unauthorized contracts.
FALSE
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Natural elements are those without which no contract can validly exist.
FALSE
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Natural elements are those presumed to exist in certain contracts unless the contrary is expressly stipulated as such by the parties.
TRUE
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Cause is one of the common elements of a contract.
TRUE
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The offer must be certain and definite and it is necessary that the acceptance will be identical with the offer for there to be a contract.
TRUE
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Earnest money is the money paid or promised to be paid in consideration for the option.
FALSE
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If a business advertisement is complete in all the particulars necessary in a contract, it may amount to a definite offer.
TRUE
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Mistake as to the quantity or amount does not vitiate consent but only gives rise to its correction.
TRUE
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Mistake of law does not invalidate consent because ignorance of the law excuses no one from compliance therewith.
TRUE
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The threat of a court action as a means to demand compliance of an obligation vitiates consent.
FALSE
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The object in a contract must be determinate or determinable even if it would need a new contract between the contracting parties.
FALSE
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Absence or want of cause means that there is a valid cause in a contract but it is still determinable.
FALSE
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Falsity of cause means that the contract states a valid cause but such statement is not true.
TRUE
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In order to be valid, the power to administer property must be in writing and notarized as such by a notary public.
FALSE
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There can be no reformation of instruments in last wills and testaments.
TRUE
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If the words appear to be contrary to the evident intention of the parties, the stipulations in the contract will be given effect.
FALSE
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If a word is susceptible of two or more meanings, it is understood in that sense which is most in keeping with the wishes of the creditor.
FALSE
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Natural obligations give a right of action to compel the compliance thereof.
FALSE
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When a right to sue upon a civil obligation has lapsed as such by extinctive prescription, the obligor who voluntarily performs the contract cannot recover what he has delivered as well as the value of the service he has rendered.
TRUE
TRUE OR FALSE
Civil obligations, being based on equity, do not grant a right of action to enforce
compliance, but after voluntary fulfilment by the obligor, they authorize the
retention of what has been delivered or rendered as such by reason thereof.
FALSE
