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Questions and Answers
Which of the following is NOT an essential requisite of contracts?
Which of the following is NOT an essential requisite of contracts?
- Perfection (correct)
- Cause
- Consent
- Object
Which of the following is NOT an essential requisite of contracts?
Which of the following is NOT an essential requisite of contracts?
- Consent
- Perfection (correct)
- Cause
- Object
Which of the following is a possible remedy for mistakes or fraud in a contract?
Which of the following is a possible remedy for mistakes or fraud in a contract?
- Perfection
- Cancellation
- Reformation (correct)
- Preparation
Which stage of a contract involves preparation and negotiation?
Which stage of a contract involves preparation and negotiation?
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Which of the following is a type of business entity with different characteristics?
Which of the following is a type of business entity with different characteristics?
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What is the difference between partnerships and corporations?
What is the difference between partnerships and corporations?
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Study Notes
- Contracts can be categorized by name, perfection, cause, form, and obligatory force.
- There are two stages of a contract: preparation/negotiation and perfection.
- Essential requisites of contracts include consent, object, and cause.
- Offer and acceptance are necessary for a contract to be formed.
- Persons incapacitated or disqualified cannot enter into contracts.
- Simulation of contracts occurs when parties conceal their true agreement.
- The object of a contract is the subject matter of the obligation arising from the contract.
- The cause of a contract is the essential purpose for a party assuming an obligation.
- Reformation and annulment of contracts are possible remedies for mistakes or fraud.
- Partnerships and corporations are types of business entities with different characteristics.
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