This characteristics of contracts means that the contracts are binding only upon the the parties in their successor- in interest.

This stage of contracts refers to the fulfillment of the purpose for which the contract was constituted.

It is a contract it is valid until annulled.

This characteristics of contracts means that the parties are free to stipulate terms and provisions in a contract, as long as these are not contrary to law, morals, good customs, public order and public policy.

Novation as a method of extinguishing an obligation pertain s to the change of modification of an obligation by another, resulting in the extinguishment of an obligation.

All kinds of work or services, whether physical or mental, is covered by obligation to give.

The active subject in an obligation is the one bound to perform the prestation to do , or not to do. he is also called the debtor or obligor.

An obligation is a legal duty, anyway created, the violation of which may become the basis of an action of law.

Compensation as a means of extinguishing an obligation is the offsetting of the perspective obligations of two (2)persons who stand as principal creditors and debtors of each other, resulting in the extinguishment of their obligations to their concurrent amount.