Contracts(SCRA36)

Article 1305 defines a contract as a meeting of minds between two persons

whereby onebinds himself, withrespect to theother,to givesomethingor to
rendersomeservice.

Thepurposeofacontractistoestablishtheagreementthatthepartieshavemade
andtofixtheirrightsanddutiesinaccordancewiththatagreement.Thecourts
mustenforceavalidcontractasitismade,unlesstherearegroundsthatbarits
enforcement.
General Rule: Contracts are perfected by mere consent the principle of
consensuality(Article1315)
Exception: Real contracts, such as deposit, pledge, and commodatum are not
perfecteduntilthedeliveryoftheobjectoftheobligation(Article1316)

Thebindingforceofacontractisbasedonthefactthatitatteststoameetingof
mindsoftwopartiesingoodfaith.Acontract,onceformed,doesnotcontemplate
arightofapartytorejectit.Contractsthatweremutuallyenteredintobetween
partieswiththecapacitytocontractarebindingobligationsandmaynotbeset
asideduetothewhimofonepartyortheotherunlessastatuteprovidestothe
contrary.