What are the requisites to make your contract valid and effective?

Article 1318 of the New Civil Code expressly provides that there is no contract unless the following essential requisites concur, to wit: (1) there is consent among the contracting parties; (2) there is a certain object that is the subject matter of the contract; and (3) there is a cause or consideration for which the …

What are the 4 kinds of defective contracts?

The result was the categorization of such contracts into four: (1) the rescissible, (2) the voidable, (3) the unenforceable, and (4) the void. These defective contracts are arranged, presented, and regulated (Articles 1380 to 1422) in ascending order of defectiveness.

What are the requisites of a valid object?

Requisites of things as object of contract:1)The thing must be within the commerce of men, that is, it can legally be the subject ofcommercial transaction;2)It must not be impossible, legally or physically;3)It must be in existence or capable of coming into existence; and4)It must be determinate or determinable without …

What are the stages of contract?

A contract has three distinct stages: preparation, perfection, and consummation. Preparation or negotiation begins when the prospective contracting parties manifest their interest in the contract and ends at the moment of their agreement.

What is an example of a void contract?

An agreement to carry out an illegal act is an example of a void agreement. For example, a agreement between drug dealers and buyers is a void agreement simply because the terms of the contract are illegal. In such a case, neither party can go to court to enforce the contract.

How defective contracts are classified?

Defective contracts can be classified in several ways: Voidable and Annullable Contracts: These can be defective if one party was incapable of giving consent or if consent was granted by mistake, threat, violence, fraud, or undue influence.

What are the possible objects of a contract?

The object of a contract is the thing which it is agreed, on the part of the party receiving the consideration, to do or not to do. 1596. The object of a contract must be lawful when the contract is made, and possible and ascertainable by the time the contract is to be performed.

When does a contract become a rescissible contract?

(Art. 1381, NCC) Which contracts are rescissible? 1. Entered into by persons exercising fiduciary capacity: a. Entered into by guardian whenever ward suffers damage more than ¼ of value of property. b. Agreed upon in representation of absentees, if absentee suffers lesion by more than ¼ of value of property.

Can a contract be rescinded under Article 1381?

Valid contracts can be legally rescinded under certain circumstances. Types of contracts that are rescissible under Article 1381 include: Any contracts entered into by guardians when their wards suffer lesion by more than one-fourth of the items that are the object thereof.

Who can assail / question / attack rescissible contracts?

As to who can assail/question/attack Rescissible contracts: contracting parties, but also a 3rd person who is prejudiced or damaged by the contract/cerditors who are prejudiced Unenforceable contracts: only a contracting party (Article 1438) – 3rd persons cannot assail 7.) As to ratification

Which is not a requisite of rescission under Chapter 6?

This remedy should be distinguished from rescission under Article 119 in case of breach of obligation (infra.), or rescission of a contract by mutual consent of the parties (infra.) which shall be governed by their agreement or other legal provisions but not by Chapter 6. Requisites of rescission.

What are the requisites to make your contract valid and effective? Article 1318 of the New Civil Code expressly provides that there is no contract unless the following essential requisites concur, to wit: (1) there is consent among the contracting parties; (2) there is a certain object that is the subject matter of the contract;…