What is a contract?

ART. 1305. It is a meeting of minds between two persons whereby one binds himself, with respect to the
other to give something or to render some service.

It takes place when an offer by one party is accepted by the other. In a contract, one or more persons
bind himself or themselves with respect to another or others, or reciprocally, to the fulfillment of a
prestation to give, to do or not to do.

NUMBER OF PARTIES IN A CONTRACT.

In a contract there must be at least two persons or parties, because it is impossible for one to contract
with himself.

A contract or purchase or sale of a property/estate cannot happen without the consent of the other
party. (ART. 1890)

TERMINATION/CANCELLATION OF PRE-EXISTING CONTRACT.

Before one can terminate a contract, it must be held into consideration.

(STIPULATION means CONDITION)

Termination by stipulation of the parties --- the method of terminating a contract is determined by the
stipulation of both of the parties. Meaning terminating a contract is determined by the conditions
agreed by both parties.

Termination, by stipulation, at option of one party ---