L" 14. 15. 16. 17. 18. 19. 20. Future and certain event upon the arrival of which the obligation subject to it either arises or is terminated. That remedy granted by law to the contracting parties and sometimes even to third persons in order to secure reparation of damages caused to them by a valid contract, by means of the restoration of things to their condition in which they were prior to the celebration of said contract. It is a meeting of minds between two or more persons whereby one binds himself, with respect to the other, to give something or to render some service. It is a juridical relation to give, to do or not to do. It is the conformity or concurrence of will of two parties upon the object and terms of the contract. A contract which possesses all the essential requisites of a valid contract but one of the parties is incapable of giving consent, or the consent is vitiated by mistake, violence, intimidation, undue inuence or fraud. That kind of contract which has no specific name or designation in law. It is a stipulation in a contract clearly and deliberately conferring a favor upon a third person. Pledge. . That kind of element without which no contract can validly exist. . A contract which gives a person for consideration a certain period within which to accept the offer of the offerer. . It is the false notion of a thing or a fact material to the contract. . It arises from ignorance of certain provision of law or from an erroneous conclusion as to the legal effect of an agreement on the part of one of the parties in the contract. Fraud committed by one party before or at the time of the celebration of the contract to secure the consent of the other. An act of deliberately deceiving others, by feigning or pretending by agreement, the appearance of contract which is either non- existent or concealed. Object of a contract It is the remedy allowed by law by means of which a written instrument is amended or rectified so as to express or conform to the real agreement. Instances of a valid contract. It is purely personal or a private reason which a party has in entering into a contract. A contract which, because of certain defects, generally produces no effect at all