Top-Rated Free Essay

Contract and Obligations (Reviewer)

Good Essays
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 which is created when something is received when there is no right to demand it and it was unduly delivered through mistake.
Specific or determinate thing; Generic or indeterminate thing 1) Natural Fruits spontaneous products of the soil, and the young and other products of animals. 2) Industrial Fruits are those produced by the lands of any kind through cultivation or labor. 3) Civil fruits are those derived by virtue of a juridical relation
Creditor has the right to fruits at time of delivery arises.
Personal right is the right of the person to demand from another as a definite passive subject.
Real right is the right or interest of a person over a specific thing.
Genus nunquam perit (genus never perishes)
Accessions are the fruits of a thing or additions to or improvements upon a thing.
Accessories are things joined to or included with the principal thing for the latter’s embellishment, better use, or completion.
*Accessories go together with principal

You May Also Find These Documents Helpful

  • Good Essays

    Contracts Outline

    • 28411 Words
    • 114 Pages

    c. quasi: not contracts at all, construed by courts to avoid unjust enrichment, by permitting plaintiff to bring an action in restitution to recover the amount of the benefit conferred on defendant.…

    • 28411 Words
    • 114 Pages
    Good Essays
  • Good Essays

    Business Law

    • 5650 Words
    • 23 Pages

    law – the order or pattern of rules that society establishes to govern the conduct of individuals and the relationships among them.…

    • 5650 Words
    • 23 Pages
    Good Essays
  • Good Essays

    Quiz 2

    • 592 Words
    • 4 Pages

    7. A _____ is a promise or a set of promises for the breach of which the law gives a remedy, or the performance of which the law in some way recognizes as a duty.…

    • 592 Words
    • 4 Pages
    Good Essays
  • Good Essays

    TB11e 10

    • 31152 Words
    • 182 Pages

    4. The ________________ means that there are also responsibilities imposed on parties who commit to binding relationships in contracts.…

    • 31152 Words
    • 182 Pages
    Good Essays
  • Powerful Essays

    Business and Consumer Law

    • 17559 Words
    • 60 Pages

    Contract Law: A deliberate and complete agreement between two or more competent persons in writing supported by mutual consideration, to perform an act. It is enforceable in court.…

    • 17559 Words
    • 60 Pages
    Powerful Essays
  • Powerful Essays

    Study Plan

    • 1916 Words
    • 8 Pages

    Strict: requires one party to perform its duties perfectly. Substantial: generally sufficient to entitle the promisor the contract price, minus the cost of defects in the work.…

    • 1916 Words
    • 8 Pages
    Powerful Essays
  • Powerful Essays

    Bus311 Business Law I

    • 2524 Words
    • 11 Pages

    In this paper, I will reflect on the operation of contracts. Business law shows how contracts may be classified in several ways depending on the manner in which they are created, expressed, or performed. I have learned a lot from this course and I will use that to help write this paper. In the following paper I will discuss the oral or written contracts; I will discuss express or implied contracts, and will discuss formal or simple contracts. I will also discuss the impact of the contracts in a business and show the true propose of contracts. I will show what is needed in a contract to be legally enforceable. I will discuss how a contract must contain the following six elements: an offer and acceptances, a mutual agreement, a consideration, a competent parties, and legality of purpose, and proper form. All of this will be discussed in depth in the following paper.…

    • 2524 Words
    • 11 Pages
    Powerful Essays
  • Satisfactory Essays

    Concerned with moral obligation (the right) rather than ends or consequences. Moral obligation relates to duty, the ought, rightness, or appropriateness. Moral obligation has priority over the moral value.…

    • 285 Words
    • 2 Pages
    Satisfactory Essays
  • Powerful Essays

    Business Law study guide

    • 3207 Words
    • 12 Pages

    * Legal Rights: rights (legal capacity to require another person to perform or refrain from performing an act) and duties (obligation of law imposed on a person to perform or refrain from performing a certain act) coexist.…

    • 3207 Words
    • 12 Pages
    Powerful Essays
  • Satisfactory Essays

    On a daily basis she assists the company in setting up numerous contracts. With many of the vendors her company has Net 30 terms. This means that the company has entered into a contract with their vendor that they will take ownership of the product, and pay the receipt for this bill in 30 days. The company then turns around and sells the products to retail stores with the terms set up for each individual customer. Some are Net 30, and some are pay on receipt. Pay on receipt means that the company will send out the products and the retail outlet is responsible for paying when the items reach the store.…

    • 552 Words
    • 3 Pages
    Satisfactory Essays
  • Good Essays

    Business Law Chapter 7-9

    • 809 Words
    • 4 Pages

    2. What are the four basic elements necessary to the formation of a valid contract?…

    • 809 Words
    • 4 Pages
    Good Essays
  • Satisfactory Essays

    Acct 496 CH 5

    • 587 Words
    • 2 Pages

    • Possible obligations that arise from past events and whose existence will be con- firmed by the occurrence or nonoccurrence of a future event.…

    • 587 Words
    • 2 Pages
    Satisfactory Essays
  • Powerful Essays

    Business Law I Summary

    • 34673 Words
    • 139 Pages

    Law is a set of rules, enforceable by the courts, which regulate the government of the state and governs the relationship between the state and its citizens and between one citizen and another.…

    • 34673 Words
    • 139 Pages
    Powerful Essays
  • Satisfactory Essays

    Obligation and Contracts

    • 674 Words
    • 3 Pages

    | | | |scope and key principles of national legislation; sources of obligations; kinds of obligations under the Civil Code; specific circumstances affecting obligations in general (fortuitous|…

    • 674 Words
    • 3 Pages
    Satisfactory Essays
  • Good Essays

    It is evident to say that a quasi-contract may exist in this case because Castillo has provided services and benefits with the expectation to be compensated for and anything short of that constitutes as unjust enrichment at the expense of the executed party. Accordingly, Miller describes a quasi-contract as a theory in law in which the court binds two parties into an agreement even though one does not exist. More importantly is set up to prevent one party from becoming enriched by taking advantage of the other party. (Miller. Breach and Remedies. Ch.15)…

    • 977 Words
    • 4 Pages
    Good Essays

Related Topics