1. A contract is a meeting of minds between two persons. 2. Contracts take effect between the parties, their assigns and heirs. 3. Contracts are perfected by mere consent. 4. An offer becomes ineffective upon the insolvency of either party before acceptance is conveyed. 5. The contracting parties may establish such stipulations, clauses, terms and conditions as they may deem convenient. 6. Real contacts are not perfected until the delivery of the object of the obligation. 7. The contracts must bind both contracting parties; its validity or termination cannot be left to the will of one of them. 3. Real conu'acts, such as deposit, pledge and guaranty, are not perfected until the delivery of the object of the obligation. 9. In onerous contracts the object is understood to be, for each contracting party, the prestation or promise of a thing or service by the other. 10. A contract of loan is a real contract