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Contract Law: Requisites and Obligations

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Contract Law: Requisites and Obligations

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Questions and Answers

What is the main reason why an individual does not have absolute right to enter into any kind of contract?

Because it is limited by law, morals, customs, and public policy (correct)

Because it is a contractual right

Because it is a statutory right

Because it is a liberty guaranteed by the constitution

Which of the following is considered a nominate contract?

FACTO UT FACIAS contract

Commodatum contract (correct)

Innominate contract

DO UT DES (Barter) contract

What is the primary purpose of public policy in relation to contracts?

To promote the common good (correct)

To limit the freedom of contract

To enforce customs and traditions

To ensure public safety

According to Article 1307, what is the basis of governance for innominate contracts?

All of the above Signup and view all the answers

What is the primary characteristic of an innominate contract?

It is a unique agreement that does not fit into a standard category Signup and view all the answers

What is the primary requisite of a contract?

Consent Signup and view all the answers

What is the relation that exists after a contract has been entered?

Legal tie Signup and view all the answers

What is the stage where parties have a meeting of minds and come to an agreement?

Perfection Signup and view all the answers

What is true about contracting parties according to Article 1306?

They have freedom to stipulate as long as it is not contrary to the law Signup and view all the answers

What is true about all contracts?

They all have obligations Signup and view all the answers