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TitleObligations and Contracts
TagsDebt Law Of Obligations Estoppel Annulment Debtor
File Size250.7 KB
Total Pages42
Table of Contents
                            Week 1 – Welcome / Introduction to Law
Weeks 2 to 4 – Obligations
Weeks 5 to 7  - Extinguishments of Obligations
Definition of a Contract
	       A meeting of the minds
	       Between two persons
	       Whereby one binds himself, with respect to the other
	       To give something or to render some service
Different phases or stages in the life of a contract
	1.1.     Preparation – Preliminary to formation

Essential characteristics of Contracts
	–  Clauses and condtions must not be contrary to:
	
	  LAW
	  Morals
	  Good Customs
	  Public Order
	  Public Policy
Different Classes of Contracts
	   According to perfection
		–   Consensual – Perfected by mere agreement of the parties
		–   Real – Requires not only consent, but also the delivery of the object
	   According to form
		–   Common – Do not require particular form
		–   Formal – Those which require particular form, like donation, mortgage
	   According to nature of vinculum
		–   Unilateral – Obligation of one party only
		–   Bilateral – Reciprocal obligations for both parties
	   According to cause
		–   Onerous – Giving of an equivalent or compensation
		–   Gratuitous – Given without compensation, just pure liberality
	   According to risks involved
		–   Commutative – Prestation is pecuniarily appreciable and determined at the moment of celebration of contract
		–   Aleatory – Pecuniarily appreciable but not yet determined at the moment of celebration, since it depends upon the happening of an uncertain event. Ex. Insurance
	   According to name
		–   Nominate – with specific names or designation in law
		–   Innominate – no specific name
			Essential Requisites of Contracts
				       Object certain subject matter of the contract
Voidable Contracts
	    Where one party is incapable of giving consent to a contract
	
	    Where the consent is vitiated by mistake, violence, intimidation, fraud, undue influence
	
Convalidation
	    Prescription (Four years)
		   From time incapacity ceases
		   From discovery of such fraud or mistake
	    Ratification or confirmation
	    Loss of the thing by thru the fault of the person who has right to annul
Effects of annulment of Voidable Contract
	–    If not consummated, then parties are released from obligation
	–    If consummated, parties are to restore to each other what they have given, with fruits and interests, plus damages
	–    If to do or not to do, there will be apportionment of damages
	–Incapacitated party not obliged to make restitution except for what he was benefited
Unenforceable Contracts
	    Those entered into in the name of another person by one who has been given no authority or legal representation or who has acted beyond his powers
	    Those not complying with Statute of Frauds.
Statute of Fraud
	–Purpose is to prevent fraud, not to aid the commission of fraud
	–   Following must be in writing or in some notes or memorandum:
	–    Agreement not to be performed within a year from the making thereof
	–    A special promise to answer for debt, defaults or miscarriage of another
	–    Agreement in consideration of marriage
	–    Sales of goods, chattels, things above P500
	–    Lease of more than one year
	–Representation as to credit of another
Void Contracts
	–    No concurrence of offer/acceptance
	–    Cause, object, purpose contrary to law, morals, good customs, public order, or public policy
	–    Absolutely simulated or fictitious
	–    Cause or object did not exist at the time of the transaction
	–    Object outside commerce of men
	–    Impossible service
	–    Intention of the parties relative to principal object cannot be ascretained
	–    Prohibited or declared void by law
Estoppel
	    Estoppel in pais - by one’s conduct or acts, representatioons, admissions or silence, culpable negligience induces another to believe certain facts to exist and such other rightfully relies and acts on such belief.
	    Estoppel by Deed - A party to a deed, are precluded from aasserting against the other party to the deed any right or title in derogation of the deed, or from denying any material fact asserted therein.
	    Estoppel by Record - A party precluded from denying the truth of matters set forth in a record, whether judicial or legislative.
Estoppel by Laches
	    Estoppel by Laches
	       Failure or neglect to enforce a right for an
	       Unreasonable and unexplained length of time
	       Despite knowledge or notice
                        

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