CONTRACTS QUICK NOTES

*CONTRACT :
- is a meeting of the minds
- between two persons
- whereby one binds himself
-with respect to the other
-to give something or to render some service

*ELEMENTS OF A CONTRACT:

1. Essential elements

a. Consent
b.Subject Matter
c. Cause or Consideration
d. Form (additional only)

2. Natural Elements

- those found and presumed to exists in some contracts

ex: Warranty

3. Accidental Elements

- those that may be stipulated of addede by the parties

* STAGES OF A CONTRACT

1. Preparation (Conception)
2. Perfection/birth
- there is an agreement

3. Consummation (Death or termination)

- terms of the contract has already been performed

*LIMITATIONS IMPOSED BY LAW

1. Stipulations must not be contrary to mandatory or prohibitive laws

2. It must respect lawm for the law forms part of the contract
3. Pactum commissorium not allowed
4. "Upset Price" in a mortgage is not allowed
5. Cannot deprive the court of its juriscdiction

The 4 Kinds of Innominate Contracts

(a) do ut des (I give that you may give)
(b) do ut facias (I give that you may do)
(c) facio ut des (I do that you may give)