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Questions and Answers
What is the term used when one of the contracting parties is compelled by a reasonable and well-grounded fear of an imminent and grave evil upon his person or property to give his consent?
What are the elements of undue influence to justify the cancellation of the instrument?
In relation to the object of a contract, which statement is true?
What is the 'why' of a contract, the essential reason which moves the contracting parties to enter into the contact?
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What are the requisites for reformation of a contract?
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Study Notes
Duress and Undue Influence
- Duress occurs when one party is compelled to give consent due to a reasonable and well-grounded fear of an imminent and grave evil upon their person or property.
Undue Influence
- Elements required to justify the cancellation of an instrument due to undue influence include:
‣ A person who is in a position to influence another’s decision ‣ The influenced party is vulnerable and susceptible to influence ‣ The influencer takes unfair advantage of the influenced party ‣ The influenced party enters into the contract due to the influence
Object of a Contract
- The object of a contract refers to the thing or performance that one party binds himself to give or deliver to the other.
Cause of a Contract
- The cause of a contract, also known as the ‘why’ of a contract, is the essential reason that moves the contracting parties to enter into the contract.
Reformation of a Contract
- Requisites for reformation of a contract include:
‣ Mutual mistake of the parties ‣ The true agreement of the parties is expressed in the instrument ‣ The instrument does not express the true agreement of the parties
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Description
Test your knowledge of the Philippine Civil Code's provisions on contracts with this multiple-choice final exam review. Covering Articles 1318-1422, this quiz will help you prepare for your accounting exam at Araullo University.
