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9 Cards in this Set
- Front
- Back
1305 |
A contract is the meeting of the minds between 2 persons whereby one binds himself with respect to the other, to give something or to render some service |
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Meaning of Contract |
1 meeting of the minds between two contracting parties which takes place when an offer by one party is accepted by the other 2 one or more persons bind himself or themselves with respect to another or reciprocally to the fulfillment of an obligation to give, to do, or not to do |
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Number of parties |
1 there must be at least two persons or parties - it is impossible for one to contract with himself
2 single person representing distinct interests |
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Termination or cancellation of pre-existing contract |
1 termination based on stipulation of parties
There must be some consideration (delivery of money or something else or rendering some act of forebearance) subject to stipulation of parties.
unilateral termination - violates mutuality of contract in 1308
may be superseded by compromise agreement that is not contrary to law, morals, good customs, public order or public policy
to be valid - merely required by law to be based on real claims and to be agreed upon in good faith
2 termination at option of 1 party - when fairly entered into will be enforced provided not contrary to equity and good conscience
3 termination by one party in conformity of the other
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Termination v Rescission |
Rescission- declare a contract void in its inception and to put an end to it as though it never were
Termination - congruent with an action for unlawful detainer
necessarily entail enforcement of its terms prior to the declaration of its cancellation in the same way that before a lessee is ejected under a lease contract, he has to fulfill his obligations there under that had accrues prior to his ejectment |
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Contract vs obligation |
contract - one of the sources of the obligation
Obligation- legal tie or relation itself that exists after a contract has been entered inti
no contract if no obligation
but there can be obligation without contract |
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contract vs agreement |
contract- agreements enforceable through legal proceedings
agreement - broader than contract because it may not have all the elements of a contract
all contracts are agreements but not all agreements are contracts |
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Characteristics |
1 Freedom or autonomy - parties establish stipulations, terms, clauses, conditions as they may convenient but not contrary to law morals good customs public order public policy 2 Obligatoriness - have force of law and must be complied with in good faith 3 Mutuality - bind both parties 4 Consensuality - consent. they are bound to fulfillment of the express stipulation and all consequences which according to nature are in keeping with good faith usage and law 5 Relativity - effect only between parties, their heirs, assigns (except when not transmissible by nature or stipulation or provisions of law) |
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Classifications |
1 Name or designation - nomiate and innominate 2 Perfection - Consensual and real 3 Cause - Onerous, remunecatory or remunerative, gratuitous 4 form - informal or common and formal or solemn 5 Obligatory force - valid, void or inexistent, voidable, rescissible, unenforceable 6 Person Obliged - Unilateral and bilateral 7 dependence to another contract- preparatory, accessory , principal 8 risks - commutative and aleatory 9 liability - unilateral and bilateral |