CONTRACT
The meeting of minds between two contracting parties which takes place when an offer by one party is accept by the other.
CONTRACT VS OBLIGATIONS
* Obligation=Legal tie or relation after a contract has been entered into.
CLASSIFICATION OF CONTRACTS ACCORDING TO NAME
* INNOMINATE
ACCORDING TO PERFECTION
* Real
ACCORDING TO CAUSE
ACCORDING TO FORM
* FORMAL OR SOLEMN
ACCORDING TO OBLIGATORY FORCE
ACCORDING TO PERSON OBLIGED and LIABILITY
* BILATERAL
ACCORDING TO RISK
* ALEATORY
ACCORDING TO STATUS
* EXECUTED
ACCORDING TO DEPENDENCE TO ANOTHER CONTRACT
ACCORDING TO DEPENDENCE OF PART OF CONTRACT TO OTHER PARTS
* DIVISIBLE