Import

• What must bind both parties in a contract?

  Compliance cannot be left to one party
• Can one party revoke a contract without consent?

  No, consent of the other party is required
• Who can determine the performance of a contract?

  A third person may determine the performance
• What is a Pactum Leonina?

  A waiver of future fraud
• What does Pactum Commissorium refer to?

  A clause regarding collateral agreements
• What is the effect of contracts according to the law?

  Contracts have the force of law
• What is required for a contract to exist?

  A meeting of minds between two persons
• What are the accidental elements of a contract?

  Consent, object, and cause
• What does autonomy in contracts refer to?

  Freedom to contract as desired
• What is mutuality in contracts?

  Both parties are reciprocally obliged
• What is an escalation clause?

  A clause that adjusts compensation over time
• What is a contract of adhesion?

  A prepared form with stipulations by one party
• What are the consequences of mutuality in contracts?

  Excludes one party from profit or loss
• What is required for the perfection of a contract?

  It must be perfected by mere consent
• What is the significance of the place of payment in contracts?

  It determines where obligations are fulfilled
• What is a unilateral contract?

  Only one party is obliged
• What is a gratuitous contract?

  There is no equivalent consideration
• What is a real contract?

  Perfected by delivery of the object
• What is the role of reformation of instruments?

  To correct errors in written agreements
• Who can ask for reformation of a contract?

  Either party or their successors
• What is the interpretation of contracts based on?

  The literal meaning of its stipulations
• What is a void contract?

  Produces no effect and is illegal
• What is a voidable contract?

  Valid until rescinded by a party
• What are the types of defective contracts?

  Void, voidable, and unenforceable contracts
• What is the prescriptive period for rescissible contracts?

  4 years
• What is the effect of a contract without cause?

  Produces no effect whatsoever
• What is the Statute of Frauds?

  Requires certain contracts to be in writing
• What is the effect of a contract entered into to defraud creditors?

  It is void and unenforceable
• What are the vices of consent that make a contract voidable?

  Violence, intimidation, mistake, fraud, undue influence
• What is the definition of a gratuitous contract?

  One where there is no equivalent consideration
• What is the difference between onerous and gratuitous contracts?

  Onerous contracts involve consideration; gratuitous do not
• What is the significance of the cause in contracts?

  It is essential for the validity of the contract
• What is the effect of a contract with an illegal object?

  It is declared void by law
• What happens if the object of a contract does not exist?

  The contract is considered void
• What is the role of advertisements in contract offers?

  They are invitations to make an offer
• What is absolute simulation in contracts?

  Parties did not intend to be bound
• What is relative simulation in contracts?

  Parties conceal their true agreement
• What are the requirements for a valid contract?

  Consent, object, and cause must exist
• What is the effect of intervening events on a contract?

  They can make an offer ineffective
• What is the significance of the degree of dependence in contracts?

  It determines the relationship between contracts