Contracts Flashcards

1
Q

An agreement through meeting of the minds between two persons whereby one binds himself, with respect to the other, to give something or to render service.

A

Contract

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2
Q

It has the force of law between the parties and has been complied with in good faith

A

Contract

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3
Q

Refers to the legal aspect of an agreement as a contract

A

Force of law

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4
Q

Denotes fairness and honesty of intention in the performance of the contract, so as to not destroy or injure the right of one of the parties

A

In good faith

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5
Q

Obligation that arises from contracts

A

Conventional obligation

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6
Q

Characteristics of Contract

A

Obligatory, Autonomy, Mutuality, Relativity, Consensuality

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7
Q

Force of law between the contracting parties compel them to perform under the threat of civil action or lawsuit

A

Obligatory

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8
Q

Such stipulations, clauses, terms, and conditions are established by the contracting parties as they may deem convenient, provided they are not contrary to law, morals, good customs, public order, or public policy

A

Autonomy

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9
Q

Involve both of the parties, so that the validity or compliance of a contract cannot be left to the will of only one of them

A

Mutuality

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10
Q

Effectivity is only between the parties, their assigns and heirs, except in case where the rights and obligations arising from the contract are not transmissible by their nature, or by stipulation or by provision of law

A

Relativity

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11
Q

Mere consent that perfected the contract should bound the parties to the fulfillment of what has been expressly stipulated, and all the consequences which, according to their nature, may be in keeping with good faith, usage, and law

A

Consensuality

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12
Q

Essential Elements of Contract

A

Consent, Object, Cause (causa)

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13
Q

A meeting of the minds between parties with respect to the object and cause

A

Consent

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14
Q

The thing, right, or service to be provided or performed under the contract

A

Object

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15
Q

Essential purpose or reason for the contract

A

Cause (causa)

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16
Q

Stages of Contract

A

Preparatory or conception, Perfection or birth, Consumption or death

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17
Q

Process of formation through bargaining or negotiation, which begins from the time the prospective contracting parties manifest their interest in the contract that leads to the perfection of the contract

A

Preparatory or conception

18
Q

Either party may stop the process or withdraw an offer made.

A

Preparatory or conception

19
Q

Process of arriving at a definite agreement or meeting of the minds as to the elements of the contract, particularly the essential ones (object and cause)

A

Perfection or birth

20
Q

The fulfillment of the respective obligations of the parties under the contract, resulting to its accomplishment and extinguishment

A

Consumption or death

21
Q

The form of a contract is manifested by:

A

intent or will, expression of such intent or will

22
Q

Its psychological existence; only conceptual and cannot have legal value

A

Intent or will

23
Q

Its physical or logical existence; substantial and can have legal value

A

Expression of such intent or will

24
Q

Classifications of Contract according to form

A

Informal contact, Formal contract

25
In any form as long as all the requisites or essential elements for its validity are present
Informal contact
26
In a form required by the law
Formal contract
27
Classifications of Contract according to the involvement of the parties
Unilateral contract, Bilateral contract
28
One party is bound to fulfill an obligation for an act by another party
Unilateral contract
29
Both parties are bound to fulfill their mutual promises or respective obligation to each other reciprocaIIy
Bilateral contract
30
Classifications of Contract according to name or designation
Nominate contract, Innominate contract
31
Has specific name or designation in law; such as commodatum, lease, agency, and sale
Nominate contract
32
Has no specific name or designation in law; shall be regulated by the stipulations of the parties, by the Civil Code, by the rules governing the most analogous nominate contracts, and by the customs of the place
Innominate contract
33
do ut facias
I give that you may do
34
facia ut des
I do that you may give
35
facio ut facias
I do that you may do
36
Classifications of Contract according to perfection
Consensual contract, Real contract, Solemn contract
37
Perfected by mere consent; such as the contract of sale, lease and agency
Consensual contract
38
Perfected by mere consent and the delivery of the object; such as deposit, pledge and commodatum
Real contract
39
Perfected through compliance with the form required by Iaw; identical with formal contract
Solemn contract
40
Classifications of Contract according to cause or purpose
Onerous contract, Remuneratory contract, Gratuitous contract