Contract Law Basics

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Questions and Answers

What is the characteristic of a contract that involves the binds of both parties?

  • Consensuality
  • Autonomy
  • Relativity
  • Mutuality (correct)

What is the concept that ensures contracting parties fulfill their obligations in good faith?

  • Consensuality (correct)
  • Autonomy
  • Mutuality
  • Good faith

Which characteristic of a contract allows parties to establish their own terms and conditions?

  • Relativity
  • Mutuality
  • Autonomy (correct)
  • Obligatory

What is the effect of a contract on parties involved?

<p>It binds both parties and their assigns and heirs. (C)</p> Signup and view all the answers

Which characteristic of a contract ensures that obligations arising from the contract are not transmissible?

<p>Relativity (D)</p> Signup and view all the answers

What is the characteristic of a contract that perfects a real contract, such as deposit or pledge?

<p>Delivery of the object of the obligation (D)</p> Signup and view all the answers

What is the implication of the 'force of law' in a contract?

<p>It implies that the agreement is legally enforceable in court. (C)</p> Signup and view all the answers

What is the characteristic of a contract that is described by the phrase 'in good faith'?

<p>It is a fair and honest intention in the performance of the contract. (A)</p> Signup and view all the answers

What is the relationship between a contract and an obligation?

<p>A contract is a source of obligation, but not all obligations arise from contracts. (C)</p> Signup and view all the answers

What is the characteristic of a contract that is described by the phrase 'meeting of the minds'?

<p>It is an agreement that is made between two parties with respect to each other. (C)</p> Signup and view all the answers

What is the type of obligation that arises from a contract?

<p>Conventional obligation. (C)</p> Signup and view all the answers

What is the implication of autonomy in a contract?

<p>The parties are free to make their own agreements and are not bound by the contract. (B)</p> Signup and view all the answers

What is the default designation of a contract when it has no specific name or designation in law?

<p>Innominate contract (D)</p> Signup and view all the answers

What type of contract is perfected by mere consent and the delivery of the object?

<p>Real contract (A)</p> Signup and view all the answers

What is the purpose of an onerous contract?

<p>The performance of an obligation by one party as the other party performs or has performed its own obligation (B)</p> Signup and view all the answers

What type of contract is characterized by its formality and compliance with legal requirements?

<p>Solemn contract (B)</p> Signup and view all the answers

What is the purpose of a gratuitous contract?

<p>Mere liberality or generosity (B)</p> Signup and view all the answers

What is the characteristic of a consensual contract?

<p>Is perfected by mere consent (B)</p> Signup and view all the answers

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