Law on Obligations and Contracts Study Guide Answers Chapter 1

The Law on Obligations and Contracts is one of the most essential subjects in the study of law. This branch of law involves the legal relations between parties that arise from agreements and contracts. In order to understand the law on obligations and contracts, one must start with the basics. In this article, we will provide you with the study guide answers for Chapter 1 of this subject.

1. What is an obligation?

An obligation is a legal duty that one party owes to another to do or not to do something. This duty can arise from a contract, a legal requirement, or even a social obligation.

2. What are the elements of an obligation?

The elements of an obligation include the prestation (the object or subject matter), the obligee (the person to whom the obligation is owed), the obligor (the person who owes the obligation), and the juridical relation (the legal relationship between the obligee and the obligor).

3. What is a contract?

A contract is an agreement between two or more parties that creates legal obligations between them. A contract can be either an express or implied agreement.

4. What are the required elements of a contract?

In order for a contract to be valid, it must have the following essential elements: offer, acceptance, consideration, capacity, and consent.

5. What is an offer?

An offer is a proposal made by one party to another, indicating a willingness to enter into a contract. The offer must be definite, certain, and communicated to the offeree.

6. What is acceptance?

Acceptance is the manifestation of assent by the offeree to the terms of the offer. Acceptance must be made in the manner and under the conditions specified in the offer.

7. What is consideration?

Consideration is something of value that is given in exchange for the promise made in the contract. The consideration can be tangible or intangible, but it must be sufficient to support the promise made in the contract.

8. What is capacity?

Capacity refers to the legal ability of a person to enter into a contract. A person who lacks capacity may not be bound by a contract.

9. What is consent?

Consent is the meeting of minds between the parties to a contract. Consent must be free, intelligent, and voluntary, and must not be obtained through fraud, mistake, or duress.

10. What are the sources of obligations?

The sources of obligations include contracts, quasi-contracts, delicts (torts), and quasi-delicts (negligence).

In conclusion, Chapter 1 of the Law on Obligations and Contracts provides an overview of the essential concepts and principles of this subject. It is important to have a thorough understanding of these concepts in order to fully grasp the complexity of this area of law. By answering these study guide questions, you can begin to build a solid foundation for your study in this subject.