Transcript of Essential Requisites of Contracts

transcript of "Essential Requisites of Contracts"
1. Chapter 2ESSENTIAL REQUISITES OF CONTRACTSGENERAL PROVISIONS

2. Article 1318.There is no contract unless thefollowing requisites concur:(1)
Consent of the contracting parties;(2) Object certain which is the
subjectmatter of the contract;(3) Cause of the obligation which isestablished.
(1261)
3. Article 1319.Consent is manifested by the meeting of theoffer and the
acceptance upon the thing andthe cause which are to constitute the
contract.The offer must be certain and the acceptanceabsolute. A qualified
acceptance constitutes acounter-offer.Acceptance made by letter or telegram
doesnot bind the offerer except from the time itcame to his knowledge. The
contract, in such acase, is presumed to have been entered into inthe place
where the offer was made. (1262a)
4. Article 1320.An acceptance may be express orimplied. (n)
5. Article 1321.The person making the offer may fixthe time, place, and
manner ofacceptance, all of which must becomplied with. (n)
6. Article 1322.An offer made through an agent isaccepted from the time
acceptanceis communicated to him. (n)
7. Article 1323.An offer becomes ineffective upon thedeath, civil interdiction,
insanity, orinsolvency of either party beforeacceptance is conveyed. (n)
8. Article 1324.When the offerer has allowed the offereea certain period to
accept, the offer maybe withdrawn at any time beforeacceptance by
communicating suchwithdrawal, except when the option isfounded upon a
consideration, assomething paid or promised. (n)
9. Article 1325.Unless it appears otherwise, businessadvertisements of things
for sale are notdefinite offers, but mere invitations tomake an offer. (n)
10. Article 1326.Advertisements for bidders are simplyinvitations to make
proposals, and theadvertiser is not bound to accept thehighest or lowest
bidder, unless thecontrary appears. (n)
11. Article 1327.The following cannot give consent to acontract:(1)
Unemancipated minors;(2) Insane or demented persons, anddeaf-mutes who
do not know how towrite. (1263a)
12. Article 1328.Contracts entered into during alucid interval are valid.
Contractsagreed to in a state ofdrunkenness or during a hypnoticspell are
voidable. (n)
13. Article 1329.The incapacity declared in Article 1327is subject to the

modificationsdetermined by law, and is understoodto be without prejudice to
specialdisqualifications established in thelaws. (1264)
14. Article 1330.A contract where consent is giventhrough mistake,
violence,intimidation, undue influence, orfraud is voidable. (1265a)
15. Article 1331.In order that mistake may invalidateconsent, it should refer
to the substance ofthe thing which is the object of the contract,or to those
conditions which have principallymoved one or both parties to enter into
thecontract.Mistake as to the identity or qualifications ofone of the parties
will vitiate consent onlywhen such identity or qualifications havebeen the
principal cause of the contract.A simple mistake of account shall give rise
toits correction. (1266a)
16. Article 1332.When one of the parties is unable toread, or if the contract is
in alanguage not understood by him, andmistake or fraud is alleged, the
personenforcing the contract must show thatthe terms thereof have been
fullyexplained to the former. (n)
17. Article 1333.There is no mistake if the partyalleging it knew the
doubt,contingency or risk affecting the objectof the contract. (n)
18. Article 1334.Mutual error as to the legal effect ofan agreement when the
real purposeof the parties is frustrated, may vitiateconsent. (n)
19. Article 1335.There is violence when in order to wrest consent,serious or
irresistible force is employed.There is intimidation when one of the
contractingparties is compelled by a reasonable and well-grounded fear of an
imminent and grave evil uponhis person or property, or upon the person
orproperty of his spouse, descendants or ascendants,to give his consent.To
determine the degree of intimidation, the age, sexand condition of the person
shall be borne in mind.A threat to enforce ones claim through
competentauthority, if the claim is just or legal, does notvitiate consent.
(1267a)
20. Article 1336.Violence or intimidation shall annulthe obligation, although it
mayhave been employed by a thirdperson who did not take part in
thecontract. (1268)
21. Article 1337.There is undue influence when a persontakes improper
advantage of his power overthe will of another, depriving the latter of
areasonable freedom of choice. The followingcircumstances shall be
considered: theconfidential, family, spiritual and otherrelations between the
parties, or the fact thatthe person alleged to have been undulyinfluenced was
suffering from mentalweakness, or was ignorant or in financialdistress. (n)
22. Article 1338.There is fraud when, throughinsidious words or machinations

ofone of the contracting parties, theother is induced to enter into acontract
which, without them, hewould not have agreed to. (1269)
23. Article 1339.Failure to disclose facts, whenthere is a duty to reveal them,
aswhen the parties are bound byconfidential relations, constitutesfraud. (n)
24. Article 1340.The usual exaggerations in trade,when the other party had
anopportunity to know the facts, arenot in themselves fraudulent. (n)
25. Article 1341.A mere expression of an opinion doesnot signify fraud, unless
made by anexpert and the other party has relied onthe formers special
knowledge. (n)
26. Art. 1342.Misrepresentation by a third persondoes not vitiate consent,
unless suchmisrepresentation has createdsubstantial mistake and the same
ismutual. (n)
27. Article 1343.Misrepresentation made in good faith isnot fraudulent but
may constituteerror. (n)
28. Article 1344.In order that fraud may make acontract voidable, it should be
seriousand should not have been employed byboth contracting
parties.Incidental fraud only obliges theperson employing it to pay damages.
(1270)
29. Article 1345.Simulation of a contract may beabsolute or relative. The
former takesplace when the parties do not intend tobe bound at all; the
latter, when theparties conceal their true agreement. (n)
30. Article. 1346.An absolutely simulated or fictitiouscontract is void. A
relativesimulation, when it does notprejudice a third person and is
notintended for any purpose contrary tolaw, morals, good customs,
publicorder or public policy binds theparties to their real agreement.

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transcript of "Essential Requisites of Contracts"

1. Chapter 2ESSENTIAL REQUISITES OF CONTRACTSGENERAL PROVISIONS

13. Article 1329.The incapacity declared in Article 1327is subject to the

22. Article 1338.There is fraud when, throughinsidious words or machinations

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