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Law requires contract to be in some form to be

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Unformatted text preview: orm as long as there is consent, object and cause 2. Formal – required by law to be in certain specified form such as: donation of real property, stipulation to pay interest, transfer of large cattle, sale of land thru agent, contract of antichresis, contract of partnership, registration of chattel Page 123 of 297 Civil Law Summer Reviewer ATENEO CENTRAL BAR OPERATIONS 2007 mortgage, donation of personal prop in excess of 5,000 3. Real – creation of real rights over immovable prop must be written WHEN FORM IS IMPORTANT: 1. For validity (formal/solemn contracts) 2. For enforceability (statute of frauds) 3. For convenience • • • GENERAL RULE: contract is valid and binding in whatever form provided that 3 essential requisites concur EXCEPTIONS a. Law requires contract to be in some form for validity - donation and acceptance of real property b. Law requires contract to be in some form to be enforceable - Statute of Frauds; contract is valid but right to enforce cannot be exercised; need ratification to be enforceable c. Law requires contract to be in some form for convenience - contract is valid and enforceable, needed only to bind 3rd parties Ex: public documents needed for the ff: i. Contracts w/c object is creation, transmission or reformation of real rights over immovables ii. Cession, repudiation, renunciation of hereditary rights/CPG iii. Power to administer property for another iv. Cession of action of rights proceeding from an act appearing in a public inst. v. All other docs where amount involved is in excess of 500 ( must be written even private docs ) NOTE: RA 8792 (E-COMMERCE ACT) – formal requirements to make contracts effective as against third persons and to establish the existence of acontract are deemed complied with provided that the electronic document is unaltered and can be authenticated as to be useable for future reference.a QuickTime™ and TIFF (Uncompressed) decompressor are needed to see this picture. CHAPTER 4. – REFORMATION OF IN...
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