Determine whether each statement is true or false and give a short explanation why is it true/false.

1.A contract is the written instrument evidencing the agreements of the parties.

2.An essential element of a contract is that it must always be in writing.

3.When two or more persons form a partnership, they created a relationship and not a contract.

4.If more than two persons entered into an agreement, there is no contract because only two parties are allowed in a contract.

5.Preparation, perfection and signing are the different stages of contract.

Determine whether each statement is true or false and give a short explanation why is it true/false.

1.The essential elements of a contract are consent, object, consideration and two parties.

2.A written contract must be notarized for its validity.

3.A contract to sell and contract of sale are one and the same, it only differ on its name.

4.A is selling face-shield for 30 pesos, B agreed but asked for 5 pesos discount, hence, there is a perfected contract.

5.When there are three (3) parties in a contract, it is not valid because the number of parties is limited to two (2).

write down at least ten (10) obligations you already entered and will be entering into. Identify the essential elements in your contracts.

-

-

-

-

-

-

-

-

-

-