Which Statements are TRUE regarding laws on obligations and contracts? 1. Freedom to contract means that the parties themselves determine the terms and conditions of their contract. 2. The only limitation of this freedom is that the terms and conditions should not be contrary to law. 3. Contracts are binding and effective only between the parties, their heirs and assigns. 4. Thus, an heir of a debtor is liable to the creditor for the full amount of the obligation. 5. A contract may contain some stipulations in favor of a third. 6. Such stipulation is called “stipulation pour artruy”. 7. A contract must bind both contracting parties. 8. A third person who induced a party to violate the contract shall be liable for damages to the other contracting party. 9. A mere expression of an opinion does not signify fraud. 10. Misrepresentation by a third person does not vitiate consent. 11. An acceptance of the offer may be express or implied. 12. A qualified acceptance is not really an acceptance but a counter-offer. 13. Misrepresentation made in good faith is not fraudulent but may constitute an error. 14. An incidental fraud only obliges the person employing it to pay damages. 15. In alternative obligations, it is the choice of which prestation to perform made by the debtors that will convert the alternative obligation into a pure or simple one. 16. In facultative obligations, the right of substitution may be transferred to the creditor. 17. The creditor may be compelled to accept payment in checks as long as the check is negotiable. 18. An obligation payable “should the client die of leukemia” is an obligation with a period. 19. In novation through expromision, there can be a revival of the original debtor’s obligation should the new debtor’s obligation turn out to be insolvent and such is of public knowledge. 20. In alternative obligations, what converts the same into a pure or simple obligation is that the choice of prestation to be performed by the debtor. 21. The concurrence of more than one creditor or more than one debtor in one and the same obligation implies solidarity. 22. A joint obligation is the same as a joint and several obligation.
Which Statements are TRUE regarding laws on obligations and contracts?
1. Freedom to contract means that the parties themselves determine the terms and conditions of their contract.
2. The only limitation of this freedom is that the terms and conditions should not be contrary to law.
3. Contracts are binding and effective only between the parties, their heirs and assigns.
4. Thus, an heir of a debtor is liable to the creditor for the full amount of the obligation.
5. A contract may contain some stipulations in favor of a third.
6. Such stipulation is called “stipulation pour artruy”.
7. A contract must bind both contracting parties.
8. A third person who induced a party to violate the contract shall be liable for damages to the other contracting party.
9. A mere expression of an opinion does not signify fraud.
10. Misrepresentation by a third person does not vitiate consent.
11. An acceptance of the offer may be express or implied.
12. A qualified acceptance is not really an acceptance but a counter-offer.
13. Misrepresentation made in good faith is not fraudulent but may constitute an error.
14. An incidental fraud only obliges the person employing it to pay damages.
15. In alternative obligations, it is the choice of which prestation to perform made by the debtors that will convert the alternative obligation into a pure or simple one.
16. In facultative obligations, the right of substitution may be transferred to the creditor.
17. The creditor may be compelled to accept payment in checks as long as the check is negotiable.
18. An obligation payable “should the client die of leukemia” is an obligation with a period.
19. In novation through expromision, there can be a revival of the original debtor’s obligation should the new debtor’s obligation turn out to be insolvent and such is of public knowledge.
20. In alternative obligations, what converts the same into a pure or simple obligation is that the choice of prestation to be performed by the debtor.
21. The concurrence of more than one creditor or more than one debtor in one and the same obligation implies solidarity.
22. A joint obligation is the same as a joint and several obligation.
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