Nepomuceno Gherald M.

1. Assume that you and four friends who are

businessmen has formed a corporation to carry out

the business of construction. Then:

a. Discuss in your own words your obligations to

the government as persons composing the

corporation;

- As a person composing the corporation, I must keep detailed financial records and ensure
that tax returns are filed fully and on time, Because business that fails to perform these legal
duties risks losing its corporate status, A business that is delinquent or not paying its taxes
for instance, may not be able to file a civil lawsuit or secure capital until it resolves these
issues.

b. Discuss your obligations to the corporation you

established;

- My first responsibility is to provide a job to employees. Keeping people employed and

letting them have time to enjoy the fruits of their labor, Beyond this fundamental
responsibility, employers must provide a clean, safe working environment that is free from
all forms of discrimination. Companies should also strive to provide job security whenever
possible. As a owner of the business I should create a contract law between my and my
employee to create a bond and negotiation inside the company, I should Implement all of the
wages law to implement equality and human rights inside of the corporation

c. Discuss your obligations to your clients.

- As a owner I should have a responsibility to ensure that the customer is free from
discrimination

I also have a responsibility to make sure the premises and services are safe and free from sexual
harassment or victimisation. I should ensure that the product and quality of material is at the
highest level

d. Discuss your obligations to all the stakeholders

of the corporation; and

- I as owner should identify the company’s various stakeholders and promote cooperation
between them and the company in creating wealth, growth and sustainability. I should
establish clear policies and programs to provide a mechanism on the fair treatment and
protection of stakeholders. I should adopt a transparent framework and process that allow
stakeholders to communicate with the company and to obtain redress for the violation of
their rights.

e. Discuss the obligations of the corporation to the

community and to the industry.

- My corportaion is also responsible for protecting and improving the world’s fragile
environment. The world’s forests are being destroyed fast. It is my job to protect the
environment from all of the equipments, raw materials that my company needed.

2. In not less than two thousand words of your

own,

a. Discuss the topics already discussed during

the online synchronous session.

b. Convince your professor that you have

learned in the recorded lecture and online

interactive discussions.

c. Manifest whether or not you virtually

attended the previous online synchronous

sessions thus the learnings.

This is all the learning I learned in the online synchronous session, Business law contracts and
obligations describe what is legally required of each party to a contractual arrangement.
Individuals who enter into legal agreements are obligated by law to keep their end of the bargain.
One party to a business contract or other sort of contract has the right to take legal action against
the other party if that party violates the terms of the contract.
 Contractors are legally obligated to keep their promises when they sign into a contract. An
agreement should not be signed or entered into by someone who is unable to carry out the
obligations outlined in it.
First, one party must make a gift to the other. The other side must then accept that offer. A
contract's consideration is what is exchanged, and this is where duty enters the picture.

Contract capacity refers to a party's capability to comprehend the significance of the

agreement and fulfill their commitments.

A contract's primary justification is the exchange of value, or consideration. Consider the

sale of a car as an example. The car and the money used to purchase it constitute the
contract's consideration.

The terms of a contract are determined by the sort of agreement made and the items being
traded. Lease agreements and other contracts will have duties that are quite different from
those of sales contracts. Although these fundamental contractual requirements apply to
practically all agreement types. Such as payment, delivery and quality

- ART. 1163. Unless the law or the parties' agreement specifies another standard of care, every
person who is required to give something is also required to care for it with the requisite
diligence of a good father of a family. Art 1167. Unless the prestation consists of an act
where the personal or special qualification of the obligee is the primary motivation for the
establishment of the obligation, in which case the remedy is an action for damages, creditors
may: Have the obligation performed or execute data the expense of the creditor. Art 1168. If
the debtor violates the terms of the agreement, the creditor may pursue the following
remedies:
- 1. Have it undone at the debtor's expense;
- 2. requesting damages in cases where it would be practically or legally impossible to undo
what has been done because:
- a. the fundamental character of the deed;
- b. Rights obtained by third parties acting in good faith; when the forbidden behavior has
clear implications that cannot be undone when the prohibited behavior is undone
- C. when the forbidden behavior has clear implications that cannot be undone when the
prohibited behavior is undone