Obligations and Contracts (Philippines)

Reservation - Condition in which the claim can be negated. Provides a possibility that the claim may be

Enforceable contract Peter v. Don. Peter will have an enforceable contract with Don if he can show that all the required elements of a contract are present. If there is a contract between the two then it will be governed by the common law requirements of an enforceable contract instead of the Uniformed Commercial Code, which would be used if their agreement had involved the sale of goods. In order for a contract to be formed between Peter and Don the two must react mutual consent Mutual consent can generally be formed through the form of an (A) offer and (B) acceptance. An additional requirement for both parties to show (C) consideration is also

Suppose that Katherine, Brianna, and Paige have formed a limited partnership to operate a video arcade. Katherine is the general partner. She has contributed $2,000 and her time to get the operation running. Brianna and Paige, the limited partners, have each contributed $3,000. After one year of operation, the arcade has debts of $10,000, and the three partners decide to discontinue their business and the limited partnership. Brianna and Paige want their investment returned to them. Who should Katherine, who is winding up the business, pay first, Brianna and Paige, or the creditors? How much will Brianna and Paige receive? How about Katherine?

Wally, business owner of Windy City Watches is located in downtown Chicago, IL. Business is booming and Wally needs to buy a large quantity of Rolek watches which sell for $50 apiece. He calls Randy Rolek, the wholesaler located in Milwaukee WI. They discuss terms on the phone for a while before coming to an agreement in which Wally offers to buy 100 watches for $25 each. Randy sends over an order form in which Wally states that he is agreeing to purchase watches from Randy for $25 each, but does not include the quantity in which he will buy. Randy sends 50 watches the following week with a note included stating that he has sent 50 watches and will send the other remaining 50 watches within a few days but includes the bill for the full

        An injunction may also be issued. This is to prevent the negligent acts from being performed again by the defendant

Rule : : Contract formation requires mutual assent (offer and acceptance), consideration, and no viable defenses to contract formation.

time period that they had to break free from to gain all of the rights that they deserve.

11 USCS § 727(a)(4)(A) states, “The court shall grant a debtor a discharge unless the debtor knowingly and fraudulently, in or in connection with a case, made a false oath or account.

Bernie a resident of Richmond, Virginia decides to sale his 2006 Ford Fusion for $13,000.00 and places an ad in his local newspaper on February 1st. After several weeks without any inquiries, Vivian contacts Bernie on March 1st stating she will pay him $12,000.00 for the car. Bernie arranges to meet with Vivian on March 5th to complete the deal. Vivian comes to Bernie’s house on March 10th and says she will give Bernie $12,500.00 for the car; but she needs three additional weeks to come up with the money. Bernie agrees but only if Vivian puts down a deposit. Vivian agrees and Bernie drafts an agreement stated the sale will must take place no later than March 31st. Vivian reads and signs the agreement and

When the negotiable instruments the holder-in-due course occurs when the payment is still obligated under the contract from the drawer and is the holder of the promisory note or check. The promisory is a promise of good faith and when there is a disqualification the holder is the one still entitled to the responsibility of payment. For example, if the terms are because of late payments, damaged goods, or overdrawn fees the institution is still able to collect the money along with any fees associated (Negotiable Instruments & Banks, 2013).

do not have any specific repayment provisions other than the overall expiration date of the

* The ownership of the partners is dissolved and they become mere employees who are responsible to the shareholders and Board of Directors

Introduction: In this assignment I will go over a few legal terms in relation to contract law. I will also talk about a few precedents that help explain the law.

1. For the following types of undertakings, which contract modes are most appropriate? Be prepared to explain the rationale behind your choice.

* Civil code imposes no restraints on freedom of parties to fix the duration of contract