1.

Bilateral Contract - a contract whereby two or more parties

will be required to perform the obligation.

2. Reciprocal Obligation - an obligation on a reciprocal

contract is one whereby the contracting parties in those
contracts are required to render a favor for each other.

Example: In a contract of sale, sellers have the obligation

to the buyer and buyer has the obligation to the seller
(parehong may ginagawa para sa isa’t- isa).

3. Gratuitous Contract - a contract whereby the consideration

agreed upon is not valuable. It is erroneous to state that a
gratuitous contract is a contract without consideration. In a
gratuitous contract, the consideration is the affection/ love
of the giver.

Example: Deed of donation

Valuable Consideration - any consideration sufficient to

support a simple contract such as payment of money and
delivery of a thing.