PowerPoint Presentation

Group 4Dela Cruz, RonnelChua, JeffersonAbella, Paul AdrianBoticano, LeoferDomingo, Patricia NicoleMacato, Kimberlyn

Contracts

What is a Contract?Agreement, commitment, arrangement, settlement, understanding etc.Contract is an agreement enforceable by law. Between two or more parties for the doing or not doing of something specified.

Elements of a ContractEssential ElementsNatural ElementsAccidental Elements

Elements of a ContractEssential ElementIncludes the consent of the parties, objects or subject matter and cause or consideration.Natural ElementIts existence is presumed by law unless there is an agreement to contrary.Accidental ElementConsist of the unusual stipulation of the parties like conditions , terms etc.

Stages in Life of a ContractCONCEPTION PERFECTIONCONSUMMATION

Stages in Life of a ContractCONCEPTION- beginning and creation of a contractPERFECTION- Validation and completion of a contract- the consent of the contracting parties;- an object certain which is the subject matter of the contract- the cause of the obligation which is established.CONSUMMATION- literally means fulfillment. this translates into accomplishment of all the tasks related to the contract.

Competency of Contracting Parties

Competency of Contracting Parties

What is competent?

Competency of Contracting Parties

Who is competent?age of majority according to the law to which he is subjectwho is of sound mind is not disqualified from contracting by any law to which he is subject

Competency of Contracting Parties

Who is incompetent?A minorA person of UNSOUND mindA person disqualified by law

CLASSSIFICATION OF CONTRACTACCORDING TO ORIGIN

ACCORDING TO OBLIGATION STATUS

ACCORDING TO ORIGINEXPRESS CONTRACT- A contract expressed in oral or written words.IMPLIED CONTRACT- A contract inferred from the conduct of the parties.QUASI-CONTRACT- A contract implied by law to prevent unjust enrichment.

ACCORDING TO OBLIGATION STATUSUnilateral ContractIs one in which there is a promise by one party to perform certain acts provided the other party does certain things the acceptance to be accomplished by the act.Bilateral ContactIs one in which one party agrees to perform or refrain from performing some certain acts in return for which the other party agrees to perform or refrain from performing certain acts.