Card Set Information

2012-07-16 09:31:12
Business Law

Business Law
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  1. A contract that can stand by itself
    principal contract
  2. The cause, with respect to one party is the prestation or the promise of a thing or service by the other party
    Onerous Contract
  3. A contract whose fulfillment depends upon chance
    aleatory contract
  4. Only one party is obliged to give or something or to do
    Unilateral contract
  5. The contracting parties may establish such terms and stipulations as they may deem convenient provided they are not contrary to law, morals goo customs public order or public policy
    liberty of contract
  6. the principle that contracts are perfected by mere consent
    consensuality of contract
  7. A stipulation that clearly and deliberately confers a favor upon a third person
    Stipulation pour autrui
  8. The offerree is given a certain period within which to buy or not the thing being offered
    option contract
  9. A vice of consent where a person is compelled by a reasonable and well-grounded fear of an imminent an grave evil upon his person or property of his spouse ascendant, or descendant
  10. The parties do not intend to be bound at all
    absolutely simulated contract
  11. The remedy in equity by means of which a written instrument is made to conoform to the real intention of the parties when some error has been committed
    reformation of contract
  12. The cause thereof is the service remunerated
    remuneratory contract
  13. The action that is brought to set aside a voidable contract
  14. They are inherent in a contract unless set aside or suppressed by the parties
    natural elements of a contract
  15. Involves preliminary negotiations and bargaining with no arrival yet of a definite agreement
    preparation of a contract
  16. The must be in the form provided by law, in addition to having the 3 essential requisites of a contract
    formal contract
  17. The term used when both parties to a contract are guilty
    pari delicto
  18. A contract that is perfected by mere consent
    consensual contract
  19. Its existence depends upon another contract
    accessory contract
  20. The period of temporary sanity of an insane person
    lucid interval
  21. It exists when serious or irresistible force is employed to obtain consent
  22. Inadequacy of cause in a contract
  23. It has all the essential requisites of a contract but which may be set aside by reason of injury or damage to third persons
    rescissible contract
  24. It is designed to prevent the commission of fraud by requiring certain contracts to be in writing
    statute of fraud
  25. The delivery of the object is required for its perfection
    real contract
  26. It has a special name under the law
    nominate contract
  27. The cause thereof is the liberality of the benefactor
    gratuitous contract
  28. Both parties are required to perform reciprocal prestations
    bilateral contract
  29. The principle that the contract has the force of law between the contracting parties and must be complied with in good faith
    obligatory force of contract and compliance in good faith
  30. It must refer to the substance of the thing which is the object o the contract or the principal conditions which moved a party into the contract, in order to vitiate consent
  31. The particular reason of a party in entering into a contract
  32. The remedy allowed by law to the contracting parties and to third persons to repair the damages caused them by contract
  33. It is defective by reason of the incapacity or vitiated consent of one of the parties to a contract
    voidable contract
  34. Elements without which a contract would not exist
    essential elements of a contract
  35. The terms of the contract have been fulfilled resulting in its accomplishment
    consummation of a contract
  36. A contract that does not have any special name under the law
    innominate contract
  37. A contract where the parties give equivalent values hence there is real fulfillment
    commutative contract
  38. The manifestation of the meeting of the offer and the acceptance upon the thing and the cause which are to constitute the contract
  39. The principle that a contract must bind both contracting parties and that its validity or compliance cannot be left to the will of one of them
    mutuality of contract
  40. The use of insiduous words or machinations to obtain consent
  41. An accessory penalty which deprives a person during the term of his sentence of the rights of parental authority, of guardianship, of marital authority, of the right to manage his property and of the right to dispose of such property by any act or conveyance inter vivos
    civil interdiction
  42. It is present when a person takes improper advantage of his power over the will of another depriving the latter of a reasonable freedom of choice
    undue influence
  43. The parties that contracts take effect only between the contracting parties, their assigns and heirs
    relativity of contract
  44. The adoption or affirmation of a contract which is defective because of a party's vitiated consent or incapacity
  45. A contract without any force and effect since the beginning
    void contract
  46. They refer to the stipulations agreed upon by the contracting parties such as terms of payment, interest rate, etc.,
    accidental elements of a contract
  47. The stage of a contract when there is a meeting of minds between the parties on a definite subject matter and valid cause