Contracts and Obligations

It is a meeting of minds?

• Principles

• Obligation

• Contract

• Agreement

It is the omission of that diligence which is required by the nature of the obligation and corresponds with the circumstances of the person ,time and place. (Art 1173)

• Fraud

• Delay

• Default

• Negligence

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

This is the result from the will or consent of the contracting parties.

• Obediental Obligation

• Conventional Obligation

• Judicial Obligation

• Obligation

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

With the approval or authority of another,a person commits to providing a service or doing something on their behalf.

• Antigen

• Special contract

• Contract Agency

• Agency

What do you mean by civil code?

• A. A Codification of private law relating to property, family, and obligations

• B. An act or course of action to which a person is morally or legally bound; a duty or commitment

• C. A separate clause or paragraph of a legal document or agreement, typically one outlining a single rule or regulation.

• D. A course or principle of action adopted or proposed by a government, party, business, or individual.

Obligations arising from law are those expressly provided in the New Civil Code or in special laws. These are demandable.

• Art. 1158, NCC

• Art. 1156, NCC

• Art. 1159, NCC

• Art. 1163, NCC