Page 47 - Obligations & Contracts Module 1-2

KINDS OF CONTRACTS:

*As to parties obliged:

1. Unilateral – only one of the parties has an obligation

2. Bilateral – both parties are required to render reciprocal prestation

*As to name or designation:

1. Nominate

2. Innominate

a) Do ut des – I give that you may give

b) Do ut facias – I give that you may do

c) Facio ut des – I do that you may give

d) Facio ut facias – I do that you may do

*STAGES IN A CONTRACT:

1. Preparation - negotiation

2. Perfection/Birth

3. Consummation – performance

*ESSENTIAL ELEMENTS CONTRACT:

1. Consent – meeting of minds between parties on subject matter & cause of contract;

concurrence of offer & acceptance