WEEK6-7

ULO-A
LC ACT1
1. There’s a perfection of a contract in which both parties agreed and there’s a
meeting of minds.
2. Cause in the contract is necessary and essential in creating a contract, it is also
called as consideration.
3. It is a written instrument that is allowed by law, if changes in the contracts are
needed by reason of fraud, mistake, and etc.
LA ACT1
1. Yes, it can freely withdraw any time before the acceptance of the offeree, the
only exception is that when there’s a consideration like something a promise or
paid.
2. No, the motive is personal reason and cannot affect the contract and its validity.
3. No, the sale is not valid yet, it was not stated who is another person that
Shammy promised to sell her kidney. Meeting of the minds and the essential
elements of a contract must be there to have its validity.
IN A NUTSHELL
2. If the motive is illegal, then the contract would still valid. Cause and motive are
different.
3. Option money and earnest money are different; option money is the promised to
pay. Earnest money is the partial payment for the said purchase.
4. Option money is not necessary in an option contract.
5. Qualified acceptance is just like a counter-offer.
ULO-B
LC ACT1
1. It is the cancellation or annulment of a contract that is given by law to the party
that is injured.
2. It is the act of authorizing an unauthorized act or contract without the other
party's knowledge or consent.
3. It is used to prevent fraud and to guard the contract from false testimony in which
the contract must be in writing or else it would be unenforceable contract.
LA ACT1
 1. No, the only remedy is that the said object of the contract must not be legally in
the possession of a third person who did not act in bad faith,
2. Contracts that are annullable and voidable are when one of the parties is
incapable of giving consent in a contract and when the consent was made by
violence, undue influence, mistake, intimidation or fraud.
3. The status of their contract is not yet valid. Mike was aware because of his lucid
interval, but Shammy must have a ward because of its age, in which she is an
incompetent that needs guardianship before the contract takes place.
IN A NUTSHELL
2. In statute of frauds there must be writing for it to be enforced either in a slip of a
paper, a letter as long as there’s evidence that it was in written form.
3. A senile person that wants to be in the contract must be in a guidance of its ward.
4. Mute and deaf people can enter in a contract as long as they can read, it is valid.
5. The only tolerable fraud is merchant’ talk or dealer’s talk