Podcast
Questions and Answers
What is a condition that indicates there is no perfected contract of sale?
What is a condition that indicates there is no perfected contract of sale?
- The offer includes additional conditions. (correct)
- The offer is accepted within a week.
- The acceptance is communicated verbally.
- The offeror and offeree meet in person.
Which of the following is NOT a requisite of acceptance?
Which of the following is NOT a requisite of acceptance?
- Must be absolute or unconditional.
- Must be communicated to the offeror.
- Must be certain or definite.
- Must be made known to the public. (correct)
In which scenario is acceptance considered not absolute?
In which scenario is acceptance considered not absolute?
- An offeree accepts the offer in person.
- An offeree immediately responds with an acceptance.
- An offeree states acceptance but requests a modification. (correct)
- An offeree waits for a confirmation response.
What can happen to an acceptance before it reaches the offeror?
What can happen to an acceptance before it reaches the offeror?
Which of the following illustrates a situation with a perfected contract?
Which of the following illustrates a situation with a perfected contract?
What is meant by 'meeting of the minds' in contract law?
What is meant by 'meeting of the minds' in contract law?
If B responds to an offer by attempting to negotiate the price down, what is the status of the original offer?
If B responds to an offer by attempting to negotiate the price down, what is the status of the original offer?
Which of the following is a requirement for the acceptance of a lease in relation to a sale?
Which of the following is a requirement for the acceptance of a lease in relation to a sale?
Who can challenge the validity of contracts in cases of prohibition?
Who can challenge the validity of contracts in cases of prohibition?
In the event that a guardian purchases property from the ward, which statement is accurate?
In the event that a guardian purchases property from the ward, which statement is accurate?
Which group cannot challenge the validity of contracts involved in prohibition?
Which group cannot challenge the validity of contracts involved in prohibition?
Public officers and employees are restricted from contracts related to which type of property?
Public officers and employees are restricted from contracts related to which type of property?
What is the consequence if a guardian purchases a property valued at $1,000,000 for $10,000,000?
What is the consequence if a guardian purchases a property valued at $1,000,000 for $10,000,000?
Which parties cannot acquire properties involved in litigation?
Which parties cannot acquire properties involved in litigation?
What triggers the consideration of a property as 'in litigation'?
What triggers the consideration of a property as 'in litigation'?
What is the status of an executor acquiring an heir's rights?
What is the status of an executor acquiring an heir's rights?
Which state allows contracts to be valid if entered into during a lucid interval?
Which state allows contracts to be valid if entered into during a lucid interval?
What is necessary to show in order to avoid a contract due to mental incapacity?
What is necessary to show in order to avoid a contract due to mental incapacity?
What characterizes a contract entered into by a person with absolute incapacity?
What characterizes a contract entered into by a person with absolute incapacity?
What is true of persons specially disqualified from entering into contracts?
What is true of persons specially disqualified from entering into contracts?
What is the distinction between incapacity and disqualification?
What is the distinction between incapacity and disqualification?
How are contracts entered into by deaf-mutes who know how to write treated legally?
How are contracts entered into by deaf-mutes who know how to write treated legally?
Which of the following generally does not justify a court to set aside a voluntarily entered contract?
Which of the following generally does not justify a court to set aside a voluntarily entered contract?
What is the presumption regarding individuals of legal age concerning contracts?
What is the presumption regarding individuals of legal age concerning contracts?
What is defined as a Mistake of Fact?
What is defined as a Mistake of Fact?
Which of the following describes a Mistake as to Object?
Which of the following describes a Mistake as to Object?
Which scenario exemplifies a Mistake of Law?
Which scenario exemplifies a Mistake of Law?
What does the term 'Vices of Consent' refer to?
What does the term 'Vices of Consent' refer to?
In which of the following instances would a contract be considered voidable?
In which of the following instances would a contract be considered voidable?
Which type of mistake applies when parties are misled about the substance of the item in a contract?
Which type of mistake applies when parties are misled about the substance of the item in a contract?
What is a common outcome of a mistake regarding the identity of the thing in a contract?
What is a common outcome of a mistake regarding the identity of the thing in a contract?
What must be true for conditions of a contract to be mistaken?
What must be true for conditions of a contract to be mistaken?
What legal implication does ratification have on a contract?
What legal implication does ratification have on a contract?
Which of the following is a consequence of not ratifying a contract?
Which of the following is a consequence of not ratifying a contract?
What must exist for a contract to be considered perfected?
What must exist for a contract to be considered perfected?
What is the role of good faith in contract enforcement?
What is the role of good faith in contract enforcement?
What situation would make GMA7 liable for damages in relation to the contract between Sharon and TV5?
What situation would make GMA7 liable for damages in relation to the contract between Sharon and TV5?
Which contract types are referred to as 'real contracts'?
Which contract types are referred to as 'real contracts'?
What action would be considered a violation of an exclusive contract?
What action would be considered a violation of an exclusive contract?
What is one of the general provisions required for a valid contract?
What is one of the general provisions required for a valid contract?
Study Notes
Requisites of Acceptance
- Acceptance must be certain or definite, absolute, and unconditional.
- Acceptance should be directed to the offeror and communicated to them within a reasonable time.
- A counter-offer modifies or negates the original offer, thus preventing a perfected contract.
Examples of Acceptance
- An offer to sell a house for P 1,000,000 is not accepted if the buyer requests a lower price of P 850,000, resulting in no perfected contract.
- A buyer’s acceptance of a car sale contingent on a mortgage being established leads to no perfected contract if the mortgage is not accepted.
Withdrawal of Acceptance
- Acceptance can be revoked before the offeror is notified, meaning no meeting of the minds has occurred.
Mental Incapacity and Contracts
- Contracts entered during a lucid interval are valid; those made while drunk or hypnotized are voidable.
- Mental capacity is assessed at the time of contract formation; age or sickness alone does not invalidate a contract.
Distinction between Incapacity and Disqualification
- Incapacity (absolute) impairs the right to contract; disqualification (relative) restricts the ability to contract in specific situations.
- Deaf-mutes who cannot write may have voidable or unenforceable contracts, while those who can write can enter valid contracts.
Persons Disqualified from Contracts
- Certain individuals, such as guardians, public officers, and judicial employees, are prohibited from contracting to prevent conflicts of interest or abuse of power.
Mistake of Fact
- Mistakes regarding factual circumstances can invalidate consent, leading to voidable contracts.
Types of Mistakes
- Mistake as to object: confusion between different objects in the contract.
- Mistake as to substance: errors about the essential characteristics of a contract object.
- Mistake as to legal questions or implications does not typically invalidate a contract but can affect its enforceability.
Vices of Consent
- Contracts affected by mistakes, violence, intimidation, undue influence, or fraud are voidable.
- Consent must be intelligent, free, and spontaneous to be valid.
Essential Requisites of Contracts
- Contracts are perfected by mere consent and require the following key elements:
- Mutual consent of the parties.
- Consideration must be lawful and not against public policy.
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Description
Explore the fundamentals of contract law with a focus on acceptance and its requisites. This quiz covers concepts such as the necessity of certain and unconditional terms in forming a valid contract, illustrated through practical examples. Test your understanding of key legal principles!
