Contracts

Question 1

It is a meeting of minds between two persons whereby one binds himself, with respect to the other, to give something or to render some service.

Answer 1

Contract

Question 2

Kinds of Contracts

Answer 2

1. Formal
2. Informal
3. Express
4. Implied
5. Void
6. Illegal

Question 3

Kinds of Contracts

One which by some special law is required to be in writing

Answer 3

Formal Contract

Question 4

Kinds of Contracts

Is one which is concluded as the result of a written document or correspondence where the law does not require the same to be in writing, or as the result of oral and spoken discussion between the parties, or conduct between the parties, evidences an intention to contract.

Answer 4

Informal Contract

Question 5

Kinds of Contracts

Is one in which the conditions and terms of the contract are given orally or in writing by the parties concerned

Answer 5

Express Contract

Question 6

Kinds of Contracts

Is one that is concluded as the result of acts or conduct of the parties to which the law ascribes an objective intention to enter into a contract

Ex: Facio Ut Des (I do so that you may give)

Answer 6

Implied Contract

Question 7

Kinds of Contracts

Is one that is nonexistent from the very beginning and therefore may not be enforced

Answer 7

Void Contract

Question 8

Kinds of Contracts

Is one that is expressly prohibited by the law

Answer 8

Illegal Contract