AB16-Business Law and Taxation

• ARTICLES


  Regulations or bye-laws for a company carrying into effect the objects of the company defined as the company's memorandum of association and for the management of its internal affairs.
• PUBLIC LAW


  Deals with issues that affect the general public or state and society as a whole.
• PRIVATE LAW


  Affects the rights and obligations of individuals, families, businesses and small groups and exists to assist citizens in disputes that involve private matters. Its scope is more specific than public law.
• JURIDICAL


  Pertaining to a judge or to jurisprudence; acting in the distribution of justice: used in courts of law; according to law; legal; as, juridical law.
• REPUBLIC ACT NO. 386 is an act to ordain and institute the Civil Code of the Philippines - it is the product of codification of private law in the Philippines.
• Types of law

  • Private law
  • Public law
• Civil Code of the Philippines is the basic law governing persons and Family relations; property and property rights, ownership of modifications, the modes of acquiring ownership, and the obligations and contracts
• LAWFUL


  conformable to law; allowed by laws; legitimate; competent.
• CONCURRENCE


  the act of concurring; a meeting or coming together; union; conjunction; combination.
• QUASI


  Almost or apparently but not really.
• CONTRACT


  An agreement enforceable by law
• Quasi contract is not a contract at all
• Obligation to Give


  Delivery of a movable or immovable thing to the creditor or obligee
• Obligation Not to Do


  Refraining from doing some acts
• Elements of Obligation

  • Active subject
  • Passive subject
• ACTIVE SUBJECT


  The person who can demand the fulfilment or performance of the obligation. The creditor or obligee.
• PASSIVE SUBJECT


  The person who is bound to give, to do, or not to do. The debtor or obligor.
• QUASI CONTRACT


  is not a contract at all because the essential elements for the formation of a contract are absent.

  It is based on principle of equity.
• 1. LAW


  this includes the enactments made by legislative body in the exercise of its original or delegated authority.
• 2. CONTRACTS


  Refers to the meeting of the two persons in which they, with respect to another, agree to give something or render some service
• JURIDICAL OR LEGAL TIE 


  It is that which binds the parties to the obligation.
• OBJECT OR PRESTATION


  Pertains to the subject matter of the obligation. To be valid, it must be; licit or lawful.
• ARTICLE 1157 of the Civil Code provides the sources of Obligation


  The right granted to person who is party to an obligation.
• Sources of Obligation

  1. Law
  2. Contracts
  3. Quasi-Contracts
• 3. QUASI-CONTRACTS


  this source of obligation arises from lawful, voluntary and unilateral acts of a person.
• REPLENISH


  To replace, restore, renew. To complete again by applying what is lacking.
• REIMBURSEMENT


  Compensation paid by an organization for out-of-pocket expenses incurred or overpayment made by an employee, costumer or another party.
• UNJUST ENRICHMENT


  A party may recover under this theory when a person has obtained a benefit from another by fraud, duress, or the taking of undue advantage. Two year statute of limitations.
• IMPRUDENT


  Not showing care for the consequences of one's action; unwise.
• 13th month pay computation


  Monthly base salary x length of employment / 12
• OBLIGATIONS DERIVED FROM LAW


  Obligations arising from law are not presumed and must be clearly and expressly stated to be demandable.
• OBLIGATIONS DERIVED FROM CONTRACTS


  Contract have the force of law between the contracting parties and should be complied in a good faith.
• STIPULATION


  The act of stipulating a contracting or bargaining an agreement.
• CLAUSE


  In business law, the noun clause refers to a statement or term in the contract.
• Synonym for Extinguishment are:

  • extinction
  • nullification
  • annihilation
  • abolition
  • annulment
• A contract is the law between the parties and its terms and conditions are binding upon them unless contrary to the following:

  1. Law
  2. Morals
  3. Good Customs
  4. Public Order
  5. Public Policy
• PUBLIC ORDER


  Refers to public safety but also to considerations which are moved by the common good.
• RA 7160 (OCTOBER 10, 1991)


  LOCAL GOVERNMENT CODE OF 1991
• RA 8293 (JUNE 6, 1997)


  THE INTELLECTUAL PROPERTY CODE OF THE PHILIPPINES (the copyright law).
• RA 8353 ( SEPTEMBER 30, 1997)


  THE ANTI-RAPE ACT OF 1997