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CONTRACTS

- The meeting of the minds between two persons, whereby one binds
himself with respect to the other, to give something or to render some
service.
Essential Requisites:
1. Consent
manifestation of the meeting of the offer and acceptance upon the
object and cause
offer must be certain & acceptance absolute

Offer is ineffective when one of the parties died, civil interdicted,


insane, or insolvent before acceptance is delivered.
Offer can be withdrawn before acceptance by communicating such
withdrawal, except when option is founded upon a consideration, as
something paid or promised.
Business advertisements (of things for sale) are invitations to make
an offer, unless it appears otherwise
Advertisements for bidders are simply invitations to make
proposals, and the advertiser is not bound to accept the highest
and lowest bidder
Contracts entered into during lucid interval are valid.
Contracts entered into during state of drunkenness or hypnotic spell
are voidable and binding.

2. Object (Subject matter)


must be within the commerce of man
3. Cause
WHY of the contract
Must exist
Must be real
Must be glawful
Forms:
1. Validity
2. Enforceability
3. Convenience
Rescissible

KINDS OF DEFECTED CONTRACTS


-valid until rescinded
1. Guardians enter into
-defect: economic
contract to represent a
damage / lesion
minor suffers lesion by
more than of its value
2. those agreed upon in

the representation of
absentees
3. undertaken fraud of
creditors
4. things under legal
action if they have been
entered into w/o
knowledge of competent
judicial authority
Unenforceable
Voidable
Void / Inexistent
Kinds of defected contracts:
Rescissible Contracts (5)
o valid until rescinded
o defect: economic damage or lesion
Unenforceable Contracts (3)
o Cannot be sued upon / enforced unless ratified
o Validable
o Not effective now, but may be effective upon ratification
Voidable Contracts (2)
o Valid until annulled
o Annullable unless ratified
o If ratified, contract is cleansed of its defect
o ^ contract is effective now, but may be invalidated
Void or Inexistent Contracts (7)
o Has no effect at all
o Cannot be ratified or validated