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Contracts and Conflicts Management Overview

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Contracts and Conflicts Management Overview

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Questions and Answers

What is the definition of a contract according to Atty. Selwin Mangalos Prada?

A formal agreement between two persons without any obligations

A meeting of minds between two persons whereby one binds himself to give something or render some service (correct)

An agreement between two persons where one is obligated to receive something

A meeting of minds between two persons whereby one binds himself to accept something in return

Which of the following is NOT an essential element of a contract?

Object or Subject Matter

Cause or Consideration

Consent

Payment (correct)

What characteristic allows parties to establish stipulations and conditions as they deem convenient in a contract?

Obligatory

Mutuality

Accidental

Freedom or Autonomy (correct)

What type of obligations arise from contracts?

Legal obligations Signup and view all the answers

Which type of characteristics for contracts exist only when the parties expressly provide for them for the purpose of limiting or modifying the normal effects of the contract?

Accidental characteristics Signup and view all the answers

What is the general rule for the perfection of contracts?

Contracts are perfected by consent Signup and view all the answers

In what circumstances can an offer or proposal be withdrawn?

An offer can be withdrawn as long as the offeror has no knowledge of acceptance by the offeree Signup and view all the answers

What constitutes a qualified acceptance of an offer?

An acceptance that does not match the terms of the offer Signup and view all the answers

Under what circumstances can acceptance of an offer be revoked?

Acceptance can be revoked before it comes to the knowledge of the offeree Signup and view all the answers

Which condition makes a contract voidable due to vices of consent?

Mistake regarding the substance of the thing which is the object of the contract Signup and view all the answers