Contracts

A written or oral agreement between 2 parties.

• Memo

• Invoice

• Contract

• Requisition

A person who agrees to be responsible for another person’s contract is a(n):

• secondary partner

• companion

• cosigner

• mutual contractor

Which of the following is a contract?

• Betty offers to give a book to Lou. Lou accepts.

• Betty offers Lou the book in exchange for Lou’s promise to pay $10. Lou accepts.

• Betty offers to give Lou the book for $10, Lou refuses.

• None of the above

When one or both parties fail to perform their duties in the contract.

• Implied

• Breach

• Implied

• Requisition

A legal contract between the tenant and the landlord, specifying the responsibilities and rights of both parties.

• lease

• paper

• signing your life away

• loose

It is a meeting of minds?

• Principles

• Obligation

• Contract

• Agreement

What does article 1318 talk about?

• As a rule, contracts are perfected by mere consent

• The contracting parties are bound by the contract they have entered into

• The contracting parties must have clearly and deliberately conferred a favor of a third person

• A mere incidental benefit or interest of a person is not sufficient

What is our main topic today?

• General Principle about Contracts and Obligations

• General Principle about Debtors and Creditors

• General Principles about Special Obligations

• General Principles about Agreements

It is the Latin word of a contract?

• Contractus

• Obligationem

• Advocatus

• Computare

The retailer buys good to be sold in-store from the supplier in bulk.The retailer buys good from the supplier in bulk frequently.Therefore, a ______ is created between the retailer and supplier. In which agreement does this situation applies?

• Contract of Sale

• Sales

• Agreement

• Obligation