CONTRACTS

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• Annulment

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

• Accidental elements of a contract

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

• Aleatory contract

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

• Accessory contract

• A contract whose fulfillment depends upon chance.

• Absolutely simulated contract

•  Its existence depends upon another contract.

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• Civil interdiction

• A contract that is perfected by mere consent.

• Commutative contract

• Both parties are required to perform reciprocal prestations.

• Cause

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

• Bilateral contract

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

• Consensual 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.

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• Contract

• Elements without which a contract would not exist.

• Consummation of contract

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

• Consensuality of contracts

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

• Essential elements of a contract

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

• Consent

• The principle that contracts are perfected by mere consent.

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• Gratuitous contract

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

• Innominate contract

• The cause thereof is the liberality of the benefactor.

• Formal contract

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

• Fraud

• 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

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

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• Lesion

• 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.

• Motive

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

• 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.

• Lucid interval

• Inadequacy of cause in a contract.

• Mistake

• The period of temporary sanity of an insane person.

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• Obligatory 4rce of contract & compliance

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

• Natural elements of a 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.

• Nominate contract

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

• Mutuality of contracts

• It has a special name under the law.

• Onerous contract

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

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• Principal contract

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

• Pari delicto

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

• Option Contract

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

• Perfection

• A contract that can stand by itself.

• Preparation of a contract

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

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• Real contract

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

• Reformation of contract

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

• Relativity of contracts

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

• Ratification

•  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.

• Relatively simulated contract

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

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• 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.

• Stipulation pour autrui

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

• Rescission

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

• Statute of Fraud

• The cause thereof is the service remunerated.

• Rescissible contract

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

Match the following

• Violence

• 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.

• Unilateral contract

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

• Undue influence

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

• Void contract

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

• Voidable contract

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