Contract Law Fundamentals Quiz

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Questions and Answers

What is the obligatory force of contracts?

  • Contracts have no legal force
  • Contracts have the force of law only if notarized
  • Contracts have the force of law only if approved by a court
  • Contracts have the force of law between the parties and should be complied with in good faith (correct)

What is the relativity of contracts?

  • Contracts take effect only between the parties and their financial advisors
  • Contracts take effect only between the parties and the state
  • Contracts take effect only between the parties and their lawyers
  • Contracts take effect only between the parties, their assigns, and heirs (correct)

What is the mutuality of contracts?

  • The contract is only valid if approved by a third party
  • The contract can be unilaterally changed by one party
  • The contract only binds one party
  • The contract must bind both contracting parties and the validity or compliance cannot be left to the will of one of them (correct)

What is the autonomy of contracts?

<p>Contracting parties may establish stipulations as long as not contrary to law, morals, good customs, public order, or public policy (C)</p> Signup and view all the answers

What is the principle of autonomy of wills in contracts?

<p>Parties may stipulate anything as long as not illegal, immoral, etc. (D)</p> Signup and view all the answers

What is the obligatory force of contracts?

<p>Obligations arising from contracts have the force of law between the parties and should be complied with in good faith. (B)</p> Signup and view all the answers

What does the mutuality of contracts entail?

<p>The contract must bind both contracting parties and the validity or compliance cannot be left to the will of one of them. (D)</p> Signup and view all the answers

What is the relativity of contracts?

<p>Contracts take effect only between the parties, their assigns and heirs, except in cases where the rights and obligations arising from the contract are not transmissible by their nature, or by stipulation or by provision of law. (D)</p> Signup and view all the answers

What does the autonomy of contracts allow?

<p>The contracting parties may establish stipulations, clauses, terms, and conditions as they may deem convenient, provided that they are not contrary to law, morals, good customs, public order, or public policy. (B)</p> Signup and view all the answers

What is the principle of autonomy of wills in contracts?

<p>Parties may stipulate anything as long as not illegal, immoral, etc. (B)</p> Signup and view all the answers

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Study Notes

Obligatory Force of Contracts

  • Contracts create binding obligations for the parties involved, requiring them to fulfill agreed-upon terms.
  • Breach of contract can lead to legal consequences and the obligation to compensate for damages.

Relativity of Contracts

  • Only parties who enter into a contract have rights and obligations under it, limiting effects to those involved.
  • Third parties typically cannot enforce contractual terms unless expressly included.

Mutuality of Contracts

  • Contracts establish a reciprocal relationship where obligations and benefits are shared between parties.
  • Mutual consent is essential; both parties must agree on the terms for the contract to be valid.

Autonomy of Contracts

  • Parties have the freedom to negotiate and determine the scope, terms, and conditions of their contracts.
  • Autonomy ensures that agreements reflect the interests and intentions of the individuals involved.

Principle of Autonomy of Wills

  • Individuals are free to express their will in forming contracts, provided such will is not against public policy or law.
  • The principle upholds the importance of personal choice and consent in contractual relationships.

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