Contractual obligations review

Created by

Teerak

Cards (70)

What does Article 1158 state about special laws?
They refer to legal codes beyond the Civil Code.
What does the Negotiable Instruments Law deal with?
It deals with checks and promissory notes.
What is the focus of the Insurance Code?
It regulates insurance contracts.
What does the National Internal Revenue Code manage?
It manages taxes.
What does it mean for contractual obligations to have the force of law?
They are legally binding like statutes
How are special laws integrated into the Civil Code?
They shape obligations where applicable.
They provide specific regulations for various situations.
How does the binding nature of contractual obligations affect trust between parties?
It fosters trust by ensuring enforceability
What does "in good faith" imply in a contract?
Acting honestly and fairly
What does the Revised Penal Code define?
It defines crimes and punishments.
What is the purpose of the Labor Code?
It protects worker rights.
How does a mutual agreement differ from a unilateral agreement in contracts?
A mutual agreement involves two or more parties
In what way does good faith affect contractual obligations?
It promotes trust and cooperation between parties
What is the significance of a meeting of minds in a contract?
It indicates mutual consent to the terms
Why is fulfilling obligations in good faith important?
It ensures agreements are trustworthy and enforceable
What is a contract?
A mutual agreement creating legal obligations
What must both parties do for a contract to be valid?
Agree on the terms
What does executing a contract in good faith ensure?
Honesty and fairness throughout the agreement
What does consideration in a contract mean?
Each party provides something of value
What does Article 1159 state about contractual obligations?
They have the force of law between parties
Who are the parties involved in a contract?
Contracting parties
Can a 17-year-old sign a legally binding contract?
No, they cannot
In a contract where the buyer pays $10,000 and the seller gives a car, what is the consideration?
The payment and the car exchange
What is a lawful purpose in a contract?
The contract's objective cannot violate laws
What is required regarding the capacity of parties in a contract?
They must be legal adults who understand
What are the essential elements of a contract?
Agreement, capacity, consideration, lawful purpose
What must both sides do after signing a contract?
Fulfill their contractual obligations
What must both parties do once a contract is signed?
Fulfill their obligations in good faith
What happens if a contract's objective is illegal?
The contract is invalid
Why are the essential elements important for a contract?
They ensure enforceability and legal obligations
How do the essential elements of a contract contribute to its legal standing?
They provide the foundation for enforceability
What is the binding force of a contract?
It has the force of law
What are the key components of a binding contract?
Force of law
Legal obligations for parties
Fulfillment of contractual obligations
Good faith requirement
Must be legal and valid
If a seller agrees to sell a car for $10,000, what element of a contract does this represent?
Agreement
What happens if a contract violates the law?
It becomes invalid
What happens if one party does not honor their commitments in a contract?
They may face legal consequences
What is essential for a contract to be enforceable?
It must be legal and valid
What are the implications of a contract being invalid?
No legal obligations for either party
Cannot be enforced in court
Parties may not seek remedies for breach
What is meant by "Legal Capacity" in a contract?
Both parties must be legal adults who understand
If a contract is invalid, what is the obligation of the parties involved?
Neither party is obligated
What does "Consideration" refer to in a contract?
Each party provides something of value in exchange