Oblicon Art. 1380-1404 Outline

1953 Words Dec 6th, 2010 8 Pages
Article 1380
❖ Rescissible Contracts
➢ Those validly agreed upon because all the essential elements exist and, therefore, legally effective.

➢ They are valid and enforceable although subject to rescission by the court when there is economic damage or prejudice to one of the parties or to a third person.

▪ Rescission

➢ A remedy granted by law to the contracting parties and to third persons in order to secure reparation of damages caused by a valid contract

▪ Requisites of rescission 1. Contract is valid 2. There is lesion/ pecuniary prejudice 3. Based upon a case especially provided by law 4. No other legal remedy 5. Party asking for rescission must be able to return what he is obliged to restore 6. Object
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o Should there be two or more alienations; the first acquirer shall be liable first, and so on, successively.

Article 1389
▪ Period for filing action for rescission
▪ The action to claim rescission must be commenced within four years from the date the contract was entered into. The exceptions are: 1. For guardianship: shall begin from the termination of incapacity 2. For absentees: from the tome the domicile is known ▪ Persons entitled to bring action
1. the injured party or the defrauded creditor;
2. his heirs, assigns, or successors in interest; or
3. the creditors of the above entitled to subrogation

Article 1390
❖ Voidable or annullable contracts
➢ Those which possess all the essential requisites of a valid contract but one of the parties is incapable of giving consent, or consent is vitiated by mistake, violence, intimidation, undue influence, or fraud.

➢ They are valid and binding unless annulled by a proper action in court. Once ratified, they become absolutely valid and can no longer be annulled.

▪ Kinds of voidable contracts

1. Legal incapacity to give consent

2. Violation of consent

▪ Annulment

➢ A remedy provided by law, for reason of public interest, for the declaration of the inefficacy of a contract based on a defect or vice in the consent of one of the contracting parties in order to restore them to their original position in which

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