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.</p> Signup and view all the answers

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

    <p>Relativity</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</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.</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.</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.</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.</p> Signup and view all the answers

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

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

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

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

    What is the purpose of a gratuitous contract?

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

    What is the characteristic of a consensual contract?

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

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