Contracts arise from agreements between two or more parties and have the force of law between them. For a contract to be valid, it requires consent, a certain object that is the subject of the contract, and a cause for the obligation. Parties must comply with contracts in good faith, which means fulfilling obligations sincerely and honestly according to the terms without taking unfair advantage. If a party fails to comply with or fulfill their obligations from the contract, it results in a breach of contract.
Contracts arise from agreements between two or more parties and have the force of law between them. For a contract to be valid, it requires consent, a certain object that is the subject of the contract, and a cause for the obligation. Parties must comply with contracts in good faith, which means fulfilling obligations sincerely and honestly according to the terms without taking unfair advantage. If a party fails to comply with or fulfill their obligations from the contract, it results in a breach of contract.
Contracts arise from agreements between two or more parties and have the force of law between them. For a contract to be valid, it requires consent, a certain object that is the subject of the contract, and a cause for the obligation. Parties must comply with contracts in good faith, which means fulfilling obligations sincerely and honestly according to the terms without taking unfair advantage. If a party fails to comply with or fulfill their obligations from the contract, it results in a breach of contract.
Contracts arise from agreements between two or more parties and have the force of law between them. For a contract to be valid, it requires consent, a certain object that is the subject of the contract, and a cause for the obligation. Parties must comply with contracts in good faith, which means fulfilling obligations sincerely and honestly according to the terms without taking unfair advantage. If a party fails to comply with or fulfill their obligations from the contract, it results in a breach of contract.
*Article 1159. Obligations arising from contracts have the force of law between the contracting parties and should be complied with in good faith Article 1159 - Obligations arising from contracts, voluntary agreements - Meeting of minds between 2 or more persons – binds himself to give something or to render some service Contract *Binding Force – Contract must be valid and it cannot be valid if it is against the law. Essential Elements: (1) Consent of the contracting parties (2) Object certain which is the subject matter of the contract – To give, to do, not to do Valid Contract (3) Cause of the obligation which is established
- It is not contrary to law, morals, good customs, public order and public policy - It is contrary to law, morals, good customs, public order, or public policy Invalid or Void Contract - In the eyes of law, a void contract does not exist. No obligations will arise. - violated by a party in whole or in part Breach of Contract - Party fails or refuses to comply, without legal reason or justification - Compliance or Performance: in accordance with the stipulation or terms of the contract Compliance in Good Faith or agreement Sincerity and Honesty - Prevent one party from taking unfair advantage over the other - Comply his obligation in accordance with the terms or stipulations in the contract or How should an obligor or debtor agreement; fulfill his contractual obligations? - Comply or fulfill his obligation the like a good father of a family
