Contract Law Basics

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14 Questions

Which term refers to the freedom of the parties to contract and to stipulate provided the stipulations are not contrary to law, morals, good customs, public order or public policy?

Autonomy

What is the term used for the stage when the parties had a meeting of minds as to the object, cause or consideration and other terms and conditions of the contract?

Perfection

Which characteristic of a contract ensures that it must bind both contracting parties and its validity or compliance cannot be left to the will of one of them?

Mutuality

In a contract, what does relativity mean according to the text?

Contracts can only bind the parties who entered into it

Which type of contract requires special formalities for perfection?

Solemn or formal

What is the characteristic of a gratuitous contract?

No correlative prestation is received by one party

In which type of contract does fulfillment take place at the time the contract is entered into?

Executed

What is the nature of the vinculum produced in a unilateral contract?

Only one party is bound by the prestation

Which type of contract depends on another contract for its existence?

Preparatory

What is the characteristic of an innominate contract?

The contract has no special name

What is the term for the stage of making a contract that begins from the time the parties manifest their interest and ends prior to the moment of agreement?

Preparation

Which characteristic of a contract ensures that it can only bind the parties who entered into it, and cannot favor or prejudice a third person?

Relativity

What does the term 'autonomy' refer to in the context of contracts?

The freedom of the parties to contract and to stipulate

In a contract, what is the term used for the stage when the parties perform or fulfill the agreement under the terms of the perfected contract?

Consummation

Study Notes

Contract Characteristics

  • The term "autonomy" refers to the freedom of the parties to contract and stipulate provided the stipulations are not contrary to law, morals, good customs, public order, or public policy.

Contract Formation

  • The term "negotiation" refers to the stage of making a contract that begins from the time the parties manifest their interest and ends prior to the moment of agreement.
  • The term "perfection" refers to the stage when the parties had a meeting of minds as to the object, cause, or consideration and other terms and conditions of the contract.

Contract Features

  • The characteristic of a contract that ensures it must bind both contracting parties and its validity or compliance cannot be left to the will of one of them is called "obligatory force".
  • The characteristic of a contract that ensures it can only bind the parties who entered into it and cannot favor or prejudice a third person is called "relativity".
  • The characteristic of a gratuitous contract is that it is a contract where one party binds himself to give, to do, or not to do something without receiving any compensation.

Types of Contracts

  • A unilateral contract is a type of contract where fulfillment takes place at the time the contract is entered into, and the vinculum produced is a unilateral obligation.
  • A formal contract requires special formalities for its perfection.
  • An innominate contract is a type of contract where the parties can create their own terms and conditions.
  • A dependent contract is a type of contract that depends on another contract for its existence.
  • An executed contract is a type of contract where the parties perform or fulfill the agreement under the terms of the perfected contract.

Learn about the stages in making a contract, including preparation and perfection, as well as the definition of a contract according to the National Civil Code (NCC).

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