Test Your Knowledge on Contracts

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Questions and Answers

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?

  • Consent
  • Perfection (correct)
  • Cause
  • Object

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?

<p>None of the above (D)</p> Signup and view all the answers

Which of the following is a type of business entity with different characteristics?

<p>Corporations (B)</p> Signup and view all the answers

What is the difference between partnerships and corporations?

<p>Corporations are owned by shareholders, while partnerships are owned by partners. (C)</p> Signup and view all the answers

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Study Notes

  1. Contracts can be categorized by name, perfection, cause, form, and obligatory force.
  2. There are two stages of a contract: preparation/negotiation and perfection.
  3. Essential requisites of contracts include consent, object, and cause.
  4. Offer and acceptance are necessary for a contract to be formed.
  5. Persons incapacitated or disqualified cannot enter into contracts.
  6. Simulation of contracts occurs when parties conceal their true agreement.
  7. The object of a contract is the subject matter of the obligation arising from the contract.
  8. The cause of a contract is the essential purpose for a party assuming an obligation.
  9. Reformation and annulment of contracts are possible remedies for mistakes or fraud.
  10. Partnerships and corporations are types of business entities with different characteristics.

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