Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

. The determination of the performance may be left to a third person, whose decision shall not be binding until it has been made known

image text in transcribed
image text in transcribed
. The determination of the performance may be left to a third person, whose decision shall not be binding until it has been made known to one of the contracting parties. .Once the minds of the contracting parties meet, a valid contract exists, whether it is reduced to writing or not. . It is correct to conclude that contracts of adhesion are invalid per 36. . A contract of adhesion becomes void only when the dominant party takes advantage of the weakness of the other party. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. . The freedom of contract is not absolute. Contracts are law between the parties, and they are bound by its stipulations. It is a rule that a contract freely entered between the parties should be respected, though a contract is not the law between the parties. It is a general rule that provisions of applicable law, especially provisions relating to matters affected with public policy, are not deemed written into the contract. It is a fundamental rule that contracts, once perfected, bind both contracting parties. If a contract should contain some stipulation in favor of a third person, he may demand its fulfillment provided he communicated his acceptance to the obligor after its revocation. Among contracts which are transmissible are those which are purely personal, either by provision of law, such as in cases of partnerships and agency, or by the very nature of the obligations arising therefrom, such as those requiring special personal qualifications of the obligor. Laws in force at the time the contract was made generally govern its interpretation and application. There must be mutuality between the parties based on their essential equality to which is repugnant to have one party bound by the contract leaving the other free therefrom. A contract containing a condition which makes its fulfillment dependent exclusively upon the uncontrolled will of one of the contracting parties, is valid. It is basic that there can be contract in the true sense in the absence of the element of agreement, or of mutual assent of the parties. A contract of lease is generally transmissible to the heirs of the lessor or lessee

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Principles Of Microeconomics

Authors: Robert Frank

7th Edition

1260111083, 9781260111088

More Books

Students also viewed these Economics questions

Question

Describe the process of replacing bad habits with good ones.

Answered: 1 week ago

Question

7. How can the models we use have a detrimental effect on others?

Answered: 1 week ago