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Questions and Answers
What is the definition of a contract according to Atty. Selwin Mangalos Prada?
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?
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?
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?
What type of obligations arise from contracts?
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?
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?
What is the general rule for the perfection of contracts?
What is the general rule for the perfection of contracts?
In what circumstances can an offer or proposal be withdrawn?
In what circumstances can an offer or proposal be withdrawn?
What constitutes a qualified acceptance of an offer?
What constitutes a qualified acceptance of an offer?
Under what circumstances can acceptance of an offer be revoked?
Under what circumstances can acceptance of an offer be revoked?
Which condition makes a contract voidable due to vices of consent?
Which condition makes a contract voidable due to vices of consent?
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