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oblicon finals

oblicon finals

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Published by: michelle_evangelio06 on Mar 14, 2011
Copyright:Attribution Non-commercial


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PART IIIGeneral Provisions on Contracts
Learning Objectives:After studying this lesson, you should:1. know the definition of contract2. learn the different classifications of contracts;3. know the elements of contracts; and4. that contracts take effect only between parties and itsexceptions.The classifications of contracts summarizes those typesof contracts that may be freely agreed upon as long as theyare not contrary to law, morals, good customs, public order orpublic policy.ART. 1305. A contract is a meeting of minds between twopersons whereby one binds himself, with respect to the other,to give something or to render service. (1254a)
Contracts, Defined
The above article defines the term Contract.In a contract, one or more persons bindthemselves with respect to another orreciprocally, to the fulfillment of apresentation to give, to do or not to do.
Elements of Contract:
1. Essential elements those elements without which therecan be no valid contract. This element are consent, object orsubject matter and cause or consideration
2. Natural elements those elements which are found in acontract by its nature and presumed by law to exist, such asWarranty of hidden defects or eviction in contract of sale.
3. Accidental elements - those which exist by virtue of anagreement for the purpose of expanding, limiting, or modifying acontract. Such accidental elements are condition, clauses,terms, modes of payment, or penalties.

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