1. (A) What is the definition of contract? (B) Distinguish a contract from an agreement. (C) What kinds of stipulations, clauses, terms and conditions could contracting parties establish? 2. (A) What is meant by "privity of contract"? (B) Give an illustration. 3. (A) How do you call contracts that are perfected mere consent? Give an example. (B) What kind of contracts are perfected by the delivery of the thing subject matter of the contract? Give an example. (C) What is the name of contracts that require compliance with certain prescribed formalities to be considered legal? Give an example