Go Summarize

Contracts: An Overview / Review 2023 (Philippines)

Law Review#Philippine law#BSA#Accounting#Board exam#Review#Atty javier#RFBT#Regulatory Framework#Business Transactions#Business Law#law lectures#contracts#legal and compliance#legal#regulatory compliance#lawyer#accountant#Obligations#Obligations and Contracts#Oblicon#Business Law Review#Civil Law#Civil Law Review#Civil Code#Civil Code of the Philippines#Oblicon lecture#Obligation lecture#conditional obligation#contract law#philippine contract
4K views|7 months ago
💫 Short Summary

The video provides a comprehensive overview of contracts under the Civil Code of the Philippines, covering essential elements like consent, object, and cause. It discusses the formation process, consent requirements, types of fraud, contract object determinacy, and contract validity. The video explains the stages of a contract, required forms, notarization, mutuality, obligatory force, and principles of public policy agreements. It also delves into contract interpretation, abuse prevention, recession due to economic damage, recision, and voidable contracts. Additionally, it addresses unenforceable contracts, statute of frauds, void contracts, simulation, breach scenarios, and contract fulfillment.

✨ Highlights
📊 Transcript
Overview of contracts under the Civil Code of the Philippines.
01:27
Essential elements of a contract are consent, object, and cause.
Natural elements of a contract are presumed by law to exist.
Accidental elements are chosen by the parties, such as special terms.
Consent is defined as a meeting of the minds, requiring offer and acceptance to be certain and unconditional.
The importance of consent and capacity in contract formation.
04:27
Consent must be intelligent, free, spontaneous, and real, without being vitiated by various factors.
Mistakes of fact or law, violence, intimidation, and undue influence can impact consent.
Undue influence involves improper advantage over another's will.
Fraud must involve inducements that impair consent, leading to defective contracts.
Types of Fraud in Contracts
09:20
Causal fraud affects consent and makes the contract voidable.
Incidental fraud only takes effect after the contract is completed, with the remedy being damages for breach.
Reformation is a remedy for contracts that fail to reflect the true agreement of the parties due to mistake, fraud, inequitable conduct, or accident.
The object of a contract must be determinate or determinable, and certain things cannot be the object of a contract.
The cost in a contract varies for each party depending on the type of contract.
The personal and psychological reasons for entering into a contract are discussed in the video segment.
13:33
The motive behind a contract does not typically affect its validity, except when it predetermines the purpose of the contract.
The essential elements of a contract are outlined, including object, cost, natural elements, and accidental elements.
The stages of a contract's life are explained as generation, perfection, and consummation.
Contracts are usually perfected by mere consent, with real contracts requiring delivery of the object for perfection.
Validity of Contracts
17:40
Contracts can be valid without being in writing if there is consent, object, and consideration.
Certain contracts, such as donations of real property, require specific forms for validity.
Failure to follow required forms can affect enforceability but not validity.
Notarizing a contract can make it a public document, but lack of notarization does not void the contract.
Principles of Mutuality, Relativity, and Obligatory Force in Public Policy Agreements
21:55
Contracts must bind both parties and obligations only apply to those involved unless specified otherwise.
Contracts have the force of law between parties and must be followed in good faith.
Interpretation of contract terms should align with parties' intentions, with clear terms being followed literally.
Contracts of adhesion, where one party has no negotiation power, are valid but interpreted strictly against the creator.
Recession of Contracts and Economic Injury
25:47
Contracts with minimal rights should be respected, with any doubts favoring reciprocity of interests.
Defective contracts, like resistible and voidable ones, can be canceled if economic harm is suffered.
The recession of contracts due to economic damage must be initiated within 4 years by the injured party or their representatives.
Recession is a subsidiary remedy, necessitating the return of the contract's object to compensate for the damage.
Overview of recision in contracts.
29:52
Rescission is only an option if the party can return what they are supposed to.
Voidable contracts can be annulled by the injured party within four years.
Mutual restitution is required in contracts involving obligations to give.
Unauthorized contracts are unenforceable unless ratified by the principal.
Enforceability of Contracts under Statute of Frauds.
34:29
Contracts not in compliance with statute of frauds may be unenforceable, but partial performance can provide proof.
Failure to object to oral evidence or accepting benefits can ratify unenforceable contracts.
Contracts may be unenforceable if both parties are incapable of giving consent, but ratification by a parent, guardian, or regaining capacity can make them enforceable.
Types of Void Contracts and Contract Simulation.
39:52
Void contracts include unenforceable contracts, contracts that never existed, and contracts declared void by law.
Absolute and relative simulation in contracts are explained, with implications outlined for each.
Breach of contract scenarios and remedies for injured parties are discussed.
Fulfillment and extinguishment of contracts occur when both parties fulfill their obligations.