John Cedric Ybanez

BSBA-2F

Definitions:

1.Contract
Is a legally binding document between at least two parties that defines and
governs the rights and duties of the parties to an agreement. A contract is legally
enforceable because it meets the requirements and approval of the law.

2.Stipulation pour autrui

Third-party beneficiary, in the law of contracts, is a person who may have the
right to sue on a contract, despite not having originally been an active party to the
contract.

3.Real contract
Are agreements between parties to perform or refrain from performing an action
in respect to real property. Historically, a real contract is a contract in which
money or other property passes from one party to another.

4.Perfection of Contract
From the legal perspective, a contract is deemed perfected or given force when
the components of. Consent, object and consideration are present. When a seller
offers to sell goods at an offer price plus a. Buyer agrees to the cost, there’s a
perfected contract of sale.