Oblicon Reviewer Quiz

According to Art. 1305 of the New Civil Code, what is a contract?

Which of the following is not one of the kinds of elements of a contract?

• Intentional Elements

• Essential Elements

• Natural Elements

• Accidental Elements

Stages Of A Contract

• Preparation, Perfection, Consumption

• Preparation, Perfection, Consummation

• Preparation, Perforation, Consummation

• Premonition, Perfection, Consummation

"The contracting parties may establish such stipulations, clauses, terms and conditions as they may deem convenient, provided they are not contrary to law, morals, good customs, public order, or public policy." This refers to what principle of contracts?

• Freedom to Stipulate

• Obligatory Force and Compliance in Good Faith

• Perfection by Mere Consent

• Both Parties are Mutually Bound

"Contracts are perfected by mere consent, and from that moment the parties are bound not only to the fulfillment of what has been expressly stipulated but also to all the consequences which, according to their nature, may be in keeping with good faith, usage and law." This refers to what principle of contracts?

• Perfection by Mere Consent

• Both Parties are Mutually Bound

• Principle of Relativity

• Freedom to Stipulate

"The contract must bind both contracting parties; its validity or compliance cannot be left to the will of one of them." This refers to what principle of contracts?

• Obligatory Force and Compliance in Good Faith

• Perfection by Mere Consent

• Both Parties are Mutually Bound

• Principle of Relativity

"Contracts take effect only between the parties, their assigns and heirs, except in case where the rights and obligations arising from the contracts are not transmissible by their nature, or by stipulation or by provision of law. The heir is not liable beyond the value of the property he received from the decedent." This refers to what principle of contracts?

• Freedom to Stipulate

• Obligatory Force and Compliance in Good Faith

• Both Parties are Mutually Bound

• Principle of Relativity

The determination of the performance may be left to a third person whose decision shall be binding:

• Effective immediately.

• Only after acceptance by all parties.

• Only after it is made known to both parties.

• Only after it is granted by the court.

CONSENSUAL contracts are perfected from the moment there is agreement on the subject matter, and the cause or consideration. REAL contracts are perfected by mere delivery.

• Consensual, Formal

• Formal, Consensual

• Consensual, Real

• Real, Consensual

Generally there is no contract unless the following requisites concur, except:

• Consent of the contracting parties;

• Object certain which is the subject matter of the contract;

• Cause of the obligation which is established;

• Signature of both parties.