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Essential Requisites of Contracts

A contract is a meeting of minds between two parties where one party binds themselves to give something or render a service to the other party. Parties have freedom to include terms and conditions unless they violate law, morality, customs, public policy. Contracts must bind both parties with validity not dependent on just one party's will. Determination of obligations can be left to a third party if their decision is made known and is not evidently inequitable. Contracts only apply between parties, assigns, and heirs, unless rights/obligations cannot be transferred by nature, stipulation, or law.

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207 views11 pages

Essential Requisites of Contracts

A contract is a meeting of minds between two parties where one party binds themselves to give something or render a service to the other party. Parties have freedom to include terms and conditions unless they violate law, morality, customs, public policy. Contracts must bind both parties with validity not dependent on just one party's will. Determination of obligations can be left to a third party if their decision is made known and is not evidently inequitable. Contracts only apply between parties, assigns, and heirs, unless rights/obligations cannot be transferred by nature, stipulation, or law.

Uploaded by

jae e
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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What is a Contract?

Article 1305. A contract is a meeting of


minds between two persons whereby one
binds himself, with respect to the other, to
give something or to render some service.
Freedom to Contract

Article 1306. The contracting parties may


establish such stipulations, clauses, terms
and conditions as they may deem convenient,
provided they are not contrary to law,
morals, good customs, public order, or public
policy.
Basic Classifications of Contracts:

Article 1307.
Innominate contracts ….
nominate contracts,….
Nature of Contract

Article 1308. The contract must bind both


contracting parties; its validity or compliance
cannot be left to the will of one of them.
Article 1309. The determination of the
performance may be left to a third person,
whose decision shall not be binding until it has
been made known to both contracting parties.
Nature of Contract

Article 1310. The determination shall not be


obligatory if it is evidently inequitable. In
such case, the courts shall decide what is
equitable under the circumstances.
Nature of Contract
Article 1311. Contracts take effect only between the parties, their
assigns and heirs, except in case where the rights and obligations
arising from the contract are not transmissible by their nature, or
by stipulation or by provision of law.
The heir is not liable beyond the value of the property he received
from the decedent. If a contract should contain some stipulation in
favor of a third person, he may demand its fulfillment provided he
communicated his acceptance to the obligor before its revocation.
A mere incidental benefit or interest of a person is not sufficient.
The contracting parties must have clearly and deliberately
conferred a favor upon a third person.
Essential
Requisites of
Contracts
(1) Consent of the contracting parties;

(2) Object certain which is the subject matter


of the contract;

(3) Cause of the obligation which is


established.
Consent:

WHAT IS MEANT BY CONSENT?


WHAT ARE THE REQUISITES OF CONSENT?
WHAT ARE THE DIFFERENT THEORIES AS APPLIED TO
PERFECTION OF CONTRACTS?
WHATIS AN OPTION? DISTINGUISHED FROM EARNEST MONEY:
WHATARE THE VICES OF CONSENT? mistake, violence,
intimidation, undue influence, or fraud.
WHAT ARE THE DIFFERENT CLASSES OF CIVIL FRAUD?
WHAT IS MEANT BY SIMULATION OF CONTRACTS?
OBJECT OF CONTRACTS:

WHAT IS MEANT BY OBJECT OF


CONTRACTS?
WHAT REQUISITES MUST CONCUR IN ORDER
THAT A THING, RIGHT OR SERVICE MAY BE
THE OBJECT OF CONTRACTS?
CAUSE OF CONTRACTS:

WHAT IS MEANT BY CAUSE OF


CONTRACTS?
DISTINGUISH THE CAUSE OF A CONTRACT
FROM THE MOTIVES OF THE PARTIES IN
ENTERING INTO A CONTRACT.
WHAT IS THE PRESUMPTION AS TO
CAUSE?

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