Contract and Obligations (Reviewer)

Topics: Law, Contract, Obligation Pages: 2 (483 words) Published: October 14, 2012
The Law of obligations and contracts is a the body of rules which deals with the nature and sources of obligations and the rights and duties arising from agreements and the particular contracts. Obligation latin word obligation meaning tying or binding; Juridical necessity to give to do or not to do. Requisites of an obligation

1) Passive subject; debtor, obligor
2) Active subject; creditor or oblige
3) Object or prestation, subject matter of obligation
4) Juridical tie; efficient cause; which connects the parties to the obligation. Forms of Obligation
1) Arising from contracts for their validity or binding force 2) Obligations arising from other sources
Obligation is the act or performance which the law will enforce. Right, is the power which a person has under the law, to demand from another any prestation. A wrong is an act or omission of one party Kinds of Obligation to the subject matter

1) Real Obligation – the subject matter is a thing which the obligor must deliver to the oblige. 2) Personal Obligation – act to be done or not to be done, * Positive – to do
* Negative – not to do
Obligations arise from
1) Law
2) Contracts
3) Quasi contracts –juridical relation resulting from lawful, voluntary and unilateral acts which are enforceable to the end that no one shall be unjustly enriched or benefited at the expense of another. 4) Crimes or acts of omissions punished by law

5) Quasi-delicts or torts arise from the damage caused to another through an act or omission ther being fault or negligence, but no contractual relation exists between the parties. A contract is a meeting of minds between two persons whereby one binds himself with respect to the other to give something or to render some service. KINDS OF QUASI-CONTRACTS

1) Negotiorum Gestio – vluntray management of the property and affair of another without the knowledge or consent of the latter. 2) Solutio indebiti – is the juridical relation...
Continue Reading

Please join StudyMode to read the full document

You May Also Find These Documents Helpful

  • Essay on Obligation and Contracts Reviewer
  • Obligation and Contracts Essay
  • Obligations-and-Contracts Philippine Reviewer Essay
  • Essay about Obligations & Contracts
  • Obligations and Contracts Essay
  • 198853914 Obligations And Contracts Hector De Leon Reviewer Essay
  • Essay about Contracts
  • Law on Obligation and Contracts Essay

Become a StudyMode Member

Sign Up - It's Free