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Overview of Contract Law in OBLICON

This document outlines key concepts in contract law: 1) Contracts can be classified according to various criteria such as name, cause, liability of parties, perfection, and importance. Essential elements for a valid contract include offer, acceptance, and consent between the parties. 2) Consent requires a meeting of the minds where one party makes an offer and the other accepts. An offer must be definite, complete, and with intent to be bound. Acceptance of the offer must be absolute and communicated to the offeror. 3) Other contract principles include mutuality, autonomy, consensuality, relativity, and obligatoriness. Exceptions to ordinary contracts are real contracts, which are perfected upon

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33 views2 pages

Overview of Contract Law in OBLICON

This document outlines key concepts in contract law: 1) Contracts can be classified according to various criteria such as name, cause, liability of parties, perfection, and importance. Essential elements for a valid contract include offer, acceptance, and consent between the parties. 2) Consent requires a meeting of the minds where one party makes an offer and the other accepts. An offer must be definite, complete, and with intent to be bound. Acceptance of the offer must be absolute and communicated to the offeror. 3) Other contract principles include mutuality, autonomy, consensuality, relativity, and obligatoriness. Exceptions to ordinary contracts are real contracts, which are perfected upon

Uploaded by

MarkJoven Bergantin
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd

Law on OBLICON

CONTRACTS According to Perfection

Article 1503 Consensual- “Ordinary Contract”

A Contract is a meeting of minds between two persons whereby Real- Perfected upon the delivery of the property
one binds himself, with respect to the other, to give something or
to render some service. Solemn/Formal- There is a formal requirement for it to become
valid.

Three Stages in making a Contract


According to Importance
 Conception/Generation- Preperatory Stage. The parties
begin their initial negotiation. Bargaining for the Preparatory- When it is entered into as a means to an end
information of the contract. Principal- Contract that can exist by itself.
 Perfection/Birth- Parties already had meeting of minds.
 Consummation/Fulfillment- Accomplishment of the Accessory- Its existence is dependent upon the principal contract.
obligation.

According to Liability
Stipulation pour Autrui- Stipulation in favor of a 3rd party
Unilateral- Only one of the parties has the obligation to perform.

Bilateral- “Reciprocal”
Classifications of Contract

According to Name/Designation
According to Cause
Nominate- Has specific Name/Designation in Law
Onerous- There is an exchange of equivalent prestations
Innominate- Has no specific Name/Designation in Law
Remuneratory/Remunerative- Outstanding prestations premis
Kinds of Innominate Contract on services or benefits already received
 do ut des (I give that you may give) Gratuitous- Without any consideration
 do ut facias (I give that you may do)
 facto ut des (I do that you may give)
 facto ut facias (I do that you may do)
Law on OBLICON
CONSENT

ESSENTIAL REQUISITES OF A CONTRACT -Conformity or concurrence of wills

Classes of Elements of a Contract Offer- proposal made by one party to another

 Essential Elements- Elements without which there can be Acceptance- Manifestation of the offeree of his assent to the terms
no contract. of the offer
 Natural Elements- Already presumed to be existing.
 Accidental Elements- It will only exist upon the
stipulation Requisites of a Offer

 Definite
Gen. Rule: Contracts are perfected by the meeting of minds  Complete
 Intention of the offeror to be bound
Exceptions: Real Contract & Solemn Contract
Requisites of Acceptance

 Absolute
Characteristics/Principles of Contract (M.A.C.R.O)  Unconditional/Unqualified
 Acceptance is communicated to the offeror
Mutuality- Contract must bind both parties

Autonomy- Liberty/ Freedom to stipulate Option Contract- giving person a period by the offeror to make
final decision
Consensuality- Consensual/ Perfected by mere consent

Relativity- Effect of the contract. Contracts take effect only Option Period- The given period which the offeree must accept the
between the parties their assigns and heirs offer

Obligatoriness- Obigatory Force of contract and compliance of Option Money- Money paid or promised to be paid in consideration
good faith for the option

Earnest Money- Partial payment of the Purchase price. Considered


as proof of the perfection of the contract

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