Group 4

Dela Cruz, Ronnel

Chua, Jefferson
Abella, Paul Adrian
Boticano, Leofer
Domingo, Patricia Nicole
Macato, Kimberlyn

Contracts

What is a Contract?
Agreement, commitment, arrangement,
settlement, understanding etc.
Contract is an agreement enforceable by
law. Between two or more parties for the
doing or not doing of something specified.

Elements of a Contract
Essential Elements
Natural Elements
Accidental Elements

Elements of a Contract
Essential Element
Includes the consent of the parties, objects or subject matter and
cause or consideration.
Natural Element
Its existence is presumed by law unless there is an agreement to
contrary.
Accidental Element
Consist of the unusual stipulation of the parties like conditions ,
terms etc.

Stages in Life of a Contract

CONCEPTION
PERFECTION
CONSUMMATION

Stages in Life of a Contract

CONCEPTION- beginning and creation of a contract
PERFECTION- Validation and completion of a contract
- the consent of the contracting parties;
- an object certain which is the subject matter of the contract
- the cause of the obligation which is established.
CONSUMMATION- literally means fulfillment. this translates
into accomplishment of all the tasks related to the contract.

Competency of
Contracting
Parties

Competency of Contracting Parties

What is competent?

Competency of Contracting Parties

Who is competent?
age of majority according to the law to which he is
subject
who is of sound mind
is not disqualified from contracting by any law to
which he is subject

Competency of Contracting Parties

Who is incompetent?
A minor
A person of UNSOUND mind
A person disqualified by law

CLASSSIFICATION OF
CONTRACT

ACCORDING TO ORIGIN
ACCORDING TO OBLIGATION
STATUS

ACCORDING TO ORIGIN
EXPRESS CONTRACT
- A contract expressed in oral or written words.
IMPLIED CONTRACT
- A contract inferred from the conduct of the parties.
QUASI-CONTRACT
- A contract implied by law to prevent unjust
enrichment.

ACCORDING TO OBLIGATION
STATUS
Unilateral Contract
Is one in which there is a promise by one party to perform
certain acts provided the other party does certain things the
acceptance to be accomplished by the act.
Bilateral Contact
Is one in which one party agrees to perform or refrain from
performing some certain acts in return for which the other
party agrees to perform or refrain from performing certain
acts.