Contracts and Obligations
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Questions and Answers

What is the significance of good faith in contracts?

  • It is a necessary condition for contract formation
  • It ensures the contract is written and signed
  • It determines the consequences of the contract
  • It is a factor in interpreting the contract's nature and consequences (correct)

    • What is required for contracts to be perfected?

  • Notarization
  • Written documentation
  • Delivery of the object of the obligation
  • Mere consent (correct)

    • What is unique about real contracts, such as deposit, pledge, and commodatum?

  • They are not perfected until the delivery of the object of the obligation (correct)
  • They are only verbal agreements
  • They are not bound by good faith
  • They are perfected at the moment of consent

    • What is the role of usage in contracts?

    <p>It is a factor in interpreting the contract's nature and consequences</p> Signup and view all the answers

    What is the consequence of mere consent in contracts?

    <p>The parties are bound to the fulfillment of what has been expressly stipulated and all the consequences which may be in keeping with good faith, usage and law</p> Signup and view all the answers

    A contract can be binding on one party but not on the other.

    <p>False</p> Signup and view all the answers

    A third person's decision on contract performance is immediately binding on both parties.

    <p>False</p> Signup and view all the answers

    If a third person's decision on contract performance is inequitable, the courts have no authority to intervene.

    <p>False</p> Signup and view all the answers

    Contracts can affect anyone, even if they are not a party to the contract.

    <p>False</p> Signup and view all the answers

    An heir is fully liable for the obligations of the decedent, even if they exceed the value of the property inherited.

    <p>False</p> Signup and view all the answers

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