Minors below 18 b insane unless acted in lucid

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Unformatted text preview: 1 it is a subsidiary remedy There are 5 grounds to rescind. Nonperformance by the other is not important Applies to both unilateral and reciprocal obligations Even a third person who is prejudiced by the contract may demand the rescission of the contract. Court cannot grant extension of time for fulfillment of the obligation Its purpose is to seek reparation for the damage or injury caused, thus allowing partial rescission of the contract 2. VOIDABLE CONTRACTS – intrinsic defect; valid until annulled; defect is due to vice of consent or legal incapacity • CHARACTERISTICS: a. Effective until set aside b. May be assailed or attacked only in an action for that purpose c. Can be confirmed ( NOTE: confirmation is the proper term for curing the defect of a voidable contract) d. Can be assailed only by the party whose consent was defective or his heirs or assigns WHAT CONTRACTS ARE VOIDABLE: a. Minors ( below 18 ) b. Insane unless acted in lucid interval c. Deaf mute who can’t read or write d. Persons specially disqualified: interdiction e. In state of drunkenness f. In state of hypnotic spell Page 125 of 297 civil Civil Law Summer Reviewer ATENEO CENTRAL BAR OPERATIONS 2007 MISTAKE • false belief into something • REQUISITES: a. Refers to the subject of the thing which is the object of the contract b. Refers to the nature of the contract c. Refers to the principal conditions in an agreement d. Error as to person - when it is the principal consideration of the contract e. Error as to legal effect - when mistake is mutual and frustrates the real purpose of parties VIOLENCE • serious or irresistible force is employed to wrest consent INTIMIDATION • one party is compelled by a reasonable and wellgrounded fear of an imminent and grave danger upon person and property of himself, spouse, ascendants or descendants (moral coercion) UNDUE INFLUENCE • person takes improper advantage of his power over will of another depriving latter of reasonable freedom of choice Martinez vs. Hongkong and Shanghai Bank, 12 Phil 252, The doc...
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This document was uploaded on 02/18/2014 for the course ACC 2001 at Alabama Christian Academy.

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