Business Law (Obligations And Contracts) Study Guide Graded A+

Constitution {Ans: It is defined as "the written instrument by which the fundamental powers of the government are established, limited, and defined, and by which these powers are distributed among the several departments for their safe and useful exercise for the benefit of the people." (Malcolm & Laurel, Phil. Constitutional Law, 1936 ed., p. 6.)}Binding {Ans: obligation that cannot be broken}Civil Code {Ans: It is a codification of private law relating to property, family, and obligations. In some jurisdictions with a civil code, a number of the core areas of private law that would otherwise typically be codified in a civil code may instead be codified in a commercial code.}Moral Law {Ans: It is the totality of the norms of good and right conduct growing out of the collective sense of right and wrong of every community.}Contractual Obligations {Ans: or obligations arising from contracts or voluntary agreements. A contract is a meeting of minds between two persons whereby one binds himself, with respect to the other, to give something or to render some service. (Art. 1305.) It is the formal expression by the parties of their rights and obligations they have agreed upon with respect