CONTRACTS

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• Accessory contract

•  The parties do not intend to be bound at all.

• Aleatory contract

• The action that is brought to set aside a voidable contract.

• Annulment

•  They refer to the stipulations agreed upon by the contracting parties such as terms of payment, interest rate, etc.

• Accidental elements of a contract

• A contract whose fulfillment depends upon chance.

• Absolutely simulated contract

•  Its existence depends upon another contract.

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• Bilateral contract

• An accessory penalty which deprives a person during the term of his sentence of the rights of parental authority, of guardianship, of inarital authority, of the right to manage his property and of the right to dispose of such property by any act or conveyance inter vivos.

• Cause

• A contract that is perfected by mere consent.

• Civil interdiction

• A contract where the parties give equivalent values, hence, there is real fulfillment.

• Consensual contract

• Both parties are required to perform reciprocal prestations.

• Commutative contract

• The essential reason of a party in entering into a contract.

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• Consensuality of contracts

• The principle that contracts are perfected by mere consent.

• Consummation of contract

• Elements without which a contract would not exist.

• Consent

• A meeting of minds between two persons whereby one binds himself with respect to the other to give something or to render some service.

• Essential elements of a contract

• The manifestation of the meeting of the offer and the acceptance upon the thing and the cause which are to constitute the contract.

• Contract

• The terms of the contract have been fulfilled resulting in its accomplishment.

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• Formal contract

• They must be in the form provided by law, in addition, to having the three essential requisites of a contract.

• Innominate contract

• The cause thereof is the liberality of the benefactor.

• Fraud

• The use of insidious words or machinations to obtain consent.

• Gratuitous contract

• A vice of consent where a person is compelled by a reasonable and well-grounded fear of an imminent and grave evil upon his person or property, or upon the person or property of his spouse, ascendant or descendant.

• Intimidation

• A contract that does not have any special name under the law.

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• Motive

• It must refer to the substance of the thing which is the object of the contract or the principal conditions which moved a party into the contract, in order to vitiate consent.

• Liberty of contract

• The contracting parties may establish such terms and stipulations as they may deem convenient provided they are not contrary to law, morals, good customs, public order or public policy.

• Mistake

• Inadequacy of cause in a contract.

• Lucid interval

• The period of temporary sanity of an insane person.

• Lesion

• The particular reason of a party in entering into a contract.

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• Nominate contract

•  The principle that a contract must bind both contracting parties and that its validity or compliance cannot be left to the will of one of them.

• Mutuality of contracts

• They are inherent in a contract unless set aside or suppressed by the parties

• Obligatory 4rce of contract & compliance

• The cause, with respect to one party is the prestation or the promise of a thing or service by the other party.

• Onerous contract

• It has a special name under the law.

• Natural elements of a contract

• The principle that the contract has the force of law between the contracting parties and must be complied with in good faith.

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• Option Contract

• A contract that can stand by itself.

• Principal contract

• The term used when both parties to a contract are guilty.

• Perfection

• The offeree is given a certain period within which to buy or not the thing being offered.

• Pari delicto

• Involves preliminary negotiations and bargaining, with no arrival yet of a definite agreement.

• Preparation of a contract

• The stage of a contract when there is a meeting of minds between the parties on a definite subject matter and valid cause.

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• Relatively simulated contract

• The adoption or affirmation of a contract which is defective because of a party's vitiated consent or incapacity.

• Ratification

• The parties hide their real agreement to which they are bound as a rule.

• Real contract

• The principle that contracts take effect only between the contracting parties, their assigns and heirs.

• Relativity of contracts

•  The remedy in equity by means of which a written instrument is made to conform to the real intention of the parties when some error has been committed.

• Reformation of contract

•  The delivery of the object is required for its perfection.

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• Statute of Fraud

• A stipulation that clearly and deliberately confers a favor upon a third person.

• Remuneratory contract

•  It has all the essential requisites of a contract but which may be set aside by reason of injury or damage to third persons.

• Rescissible contract

• The cause thereof is the service remunerated.

• Rescission

• It is designed to prevent the commission of fraud by requiring certain contracts to be in writing.

• Stipulation pour autrui

•  The remedy allowed by law to the contracting parties and to third persons to repair the damages caused them by a contract.

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• Unilateral contract

• It is defective by reason of the incapacity or vitiated consent of one of the parties to a contract.

• Undue influence

•  It exists when serious or irresistible force is employed to obtain consent.

• Violence

• Only one party is obligated to do or give something.

• Voidable contract

• It is present when a person takes improper advantage of his power over the will of another depriving the latter of a reasonable freedom of choice.

• Void contract

• A contract without any force and effect since the beginning.