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Law On Obligations and Contracts Lesson No. 10

This explores basic foundations on OBLICON.

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Rence Cervantes
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18 views1 page

Law On Obligations and Contracts Lesson No. 10

This explores basic foundations on OBLICON.

Uploaded by

Rence Cervantes
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Lesson Presentation: Essentials of Law, Obligations, and Contracts

1. Introduction to Law: Law refers to a set of rules and principles that govern the
behavior of individuals and organizations, ensuring order, fairness, and justice
within society.
2. What Are Obligations?: An obligation is a legal duty that requires a person to act
or refrain from acting in a certain way. It establishes a relationship between two or
more parties based on a commitment or requirement.
3. Sources of Obligations: Obligations can arise from agreements (contracts), legal
provisions (laws), quasi-contracts (obligations formed without an agreement but
based on fairness), and delicts (wrongful acts like theft or injury).
4. Definition of a Contract: A contract is a legal agreement between two or more
parties that creates mutual obligations. It is legally binding and enforceable by law
when all requirements are met.
5. Essential Elements of a Contract: For a contract to be valid, it must have the
following elements: an offer, acceptance of that offer, consideration (something of
value exchanged), legal capacity of the parties, and a lawful object.
6. Offer and Acceptance: An offer is a proposal by one party to enter into a contract,
and acceptance is the clear agreement by the other party to the terms of the offer.
7. Breach of Contract: A breach occurs when one party fails to perform their duties
as agreed in the contract. The non-breaching party may seek legal remedies to
compensate for the failure.
8. Legal Remedies for Breach: Remedies for a breach of contract include damages
(financial compensation), specific performance (requiring the breaching party to
fulfill their obligations), or contract termination.
9. Void and Voidable Contracts: A void contract is one that is unenforceable from the
start, while a voidable contract is valid but may be annulled by one party due to
issues like fraud, duress, or lack of consent.
10. Conclusion: Understanding obligations and contracts is key to making informed
agreements and protecting your rights in legal transactions. Contracts ensure
accountability, fairness, and legal security in personal and business dealings.

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