POINTERS IN LAW 101LAW ON OBLIGATIONS AND CONTRACTSFor Multiple Choice Questions, Study the following:1.Future and certain event upon the arrival of which the obligation subject to it either arises or is terminated.2.That remedy granted by law to the contracting parties and sometimes even to third persons in order to secure reparation ofdamages caused to them by a valid contract, by means of the restoration of things to their condition in which they were prior tothe celebration of said contract.3.It is a meeting of minds between two or more persons whereby one binds himself, with respect to the other, to give somethingor to render some service.4.It is a juridical relation to give, to do or not to do.5.It is the conformity or concurrence of will of two parties upon the object and terms of the contract.6.A contract which possesses all the essential requisites of a valid contract but one of the parties is incapable of giving consent, orthe consent is vitiated by mistake, violence, intimidation, undue influence or fraud.7.That kind of contract which has no specific name or designation in law.8.It is a stipulation in a contract clearly and deliberately conferring a favor upon a third person.9.Pledge.10.That kind of element without which no contract can validly exist.11.A contract which gives a personfor considerationa certain period within which to accept the offer of the offerer.12.It is the false notion of a thing or a fact material to the contract.13.It arises from ignorance of certain provision of law or from an erroneous conclusion as to the legal effect of an agreement onthe part of one of the parties in the contract.14.Fraud committed by one party before or at the time of the celebration of the contract to secure the consent of the other.15.An act of deliberately deceiving others, by feigning or pretending by agreement, the appearance of contract which is either non-existent or concealed.16.Object of a contract17.It is the remedy allowed by law by means of which a written instrument is amended or rectified so as to express or conform tothe real agreement.18.Instances of a valid contract.19.It is purely personal or a private reason which a party has in entering into a contract.20.A contract which, because of certain defects, generally produces no effect at all.For True or False, Study the following:1.Contract entered into by one party during his lucid interval is voidable.2.Obligation is a meeting of minds between two persons whereby one binds himself, with respect to the other, to give somethingor to render some service.3.A contract cannot be given effect if it is contrary to law because law is superior to a contract.4.Any third person who induces another to violate his contract shall be liable for damages to the other contracting party.5.Ignorance of the law excuses no one from compliance therewith.6.A condition is a juridical necessity to give, to do or not to do.7.Juridical tie is the vinculum or the link which binds the parties to an obligation.8.The creditor or the obligee is the person who can demand the performance of the obligation.9.Law is a source of obligation.10.Those who in the performance of his obligations are guilty of delay shall be liable for damages.11.A pure obligation is one which is not subject to conditions or burdens nor does it mention a specific date for its fulfillment,thereby immediately demandable.12.A condition is a future and uncertain event while a term is future but certain event.13.A potestative condition the happening of which depends on the exclusive will of the debtor is void.14.A resolutory condition produces the extinguishment of an obligation upon the happening of the event.15.Real contracts like pledge are perfected by mere consent.16.Consent, object and motive are the essential elements of contract.17.Acceptance in a contract must be absolute.18.Concealment is equivalent to misrepresentation which renders a contract also voidable.19.An opinion given with fraud by a mining engineer about a sale of a piece of land by saying that it has a deposit of mines whichencouraged the other party to enter into the said contract will also render the contract voidable.20.Right to vote is an intransmissible right which cannot be an object of a contract.21.A period which depends upon the will of the debtor empowers the court to fix the duration.22.A condition which depends upon the sole will of a debtor invalidates the obligation.23.Obligation with a period is presumed to be for the benefit of both the creditor and debtor.24.When the debtor becomes insolvent, he has no right to a period, thus the obligation becomes a pure and simple obligationwhich is immediately demandable.25.Sale is a source of obligation.26.The choice in an alternative obligation produces effect even without communication to the other party.27.In facultative obligation, two or more prestations have been agreed upon and compliance of one satisfies the obligation.28.There is a joint obligation where each one of the debtors is bound to render, and/or one of the creditors has a right to demandthe entire compliance with the prestation.29.Indivisibility of an obligation always gives rise to solidarity.30.Remission of the whole obligation, obtained by one of the solidary debtors, entitles him to reimbursement from his co-debtors.