As to defect:

As to effect:

RESCISSIBLE

There is damage or injury either to one of the contracting parties or to third persons

Considered valid and enforceable until they are rescinded by a competent court

As to prescriptibility of action or defense The action for rescission may prescribe

As to susceptibilityof ratification: Not susceptible of r atification

As to who may assailcontracts May be assailed notonly by a contracting party but even by a rd 3 person who is prejudi ced or damaged by the contract Can be assailed only by a contracting party

As to how contractsmay be assailed May be assailed directly only, and not collaterally

VOIDABLE

There is vitiation of consent or legal incapacity of one of the contracting parties The contract is enteredinto in excess or without any authority,or does not comply with the Statute of Frauds, or both contracting parties are legally incapacitated One or more of theessential requisites of avalid contract arelacki ng either in fact or law

Considered valid and enforceable until they are annulled by a competent court Cannot be enforced by a proper action in court

The action for annulment or the defense of annulability may prescribe The corresponding action for recovery, if there was total or partial performanceof the unenforceablecon tract under No. 1or No. 3 of Art. 1403,may prescribe The action for declaration of nullity or inexistence or the defense of nullity or inexistence does not prescribed

Susceptible

May be assailed directly or collaterally

UNENFORCEABLE

Susceptible

May be assailed only by a contracting party

May be assailed directly or collaterally

VOID OR INEXISTENT

As a general rule, do not produce any legal effect

Not susceptible

May be assailed notonly by a contracting party rd but even by a 3 person whose interest is directly affected

May be assailed directly or collaterally

Rescissible contracts which is a contract that has caused a particular damage to one of the rd parties or to a 3 person and which for equitable reasons may be set aside even if it is valid. Voidable contracts which is a contract in which the consent of one party is defective, either because of want of capacity or because it is vitiated, but which contract is valid until set aside by the competent court.

Unenforceable Contracts which is a contract that for some reason cannot be enforced, unless it is ratified in the manner provided by law. Void or Inexistent Contracts which is an absolute nullity and produces no effect, as if it had never been executed or entered into.