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What is the significance of good faith in contracts?
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?
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?
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?
What is the role of usage in contracts?
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What is the consequence of mere consent in contracts?
What is the consequence of mere consent in contracts?
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A contract can be binding on one party but not on the other.
A contract can be binding on one party but not on the other.
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A third person's decision on contract performance is immediately binding on both parties.
A third person's decision on contract performance is immediately binding on both parties.
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If a third person's decision on contract performance is inequitable, the courts have no authority to intervene.
If a third person's decision on contract performance is inequitable, the courts have no authority to intervene.
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Contracts can affect anyone, even if they are not a party to the contract.
Contracts can affect anyone, even if they are not a party to the contract.
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An heir is fully liable for the obligations of the decedent, even if they exceed the value of the property inherited.
An heir is fully liable for the obligations of the decedent, even if they exceed the value of the property inherited.
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