Essential Requisites of Contract free essay sample

The contract, in such a case, is presumed to have been entered into in the place where the offer was made. Consent with respect to contracts, it is the agreement of the will of one contracting party with that of another or others, upon the object and terms of the contract. Offer a proposal made by one party to another to enter into a contract. It is more than an expression of desire or hope. It is really a promise to act or to refrain from acting on condition that the terms thereof are accepted by the person (offeree) to whom it is made.Acceptance manifestation by the offeree of his assent to the terms of the offer. Without acceptance, there can be no meeting of the minds between the parties. Acceptance being absolute means that it â€Å"must in every respect meet and correspond with the terms and condition of the offer, plain and unconditional. We will write a custom essay sample on Essential Requisites of Contract or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page † Examples: Mar asked Vic this question: â€Å"Do you agree to buy my Honda car, model 1998 for P280,000? † Vic replied, â€Å"Yes, I agree. † Here the offer of Mar to sell the car to Vic is certain and the acceptance of Vic to buy the car is absolute, plain and unconditional. Suppose Vic instead of agreeing to pay Mar P280,000 proposed to pay P230,000 to Mar. Was there a valid acceptance? Sam told Art at a restaurant in Manila, â€Å"I will sell my house and lot at 1054 Basilio, Sampaloc Manila for P1. 2M. Art answered: â€Å"I will give my decision in 3 days. † In 3 days Art’s letter of unconditional acceptance was received by Sam. This was on October 3, 2002. When was the contract perfected? Article 1320. An acceptance may be express or implied. An express acceptance may be oral or written.An implied acceptance is one that is inferred from act or conduct. It has been held that where a person accepts the services of another, whether solicited or not, he has the obligation to pay the reasonable value of the services thus rendered upon the implied contract of lease of service unless it is shown that the service was rendered gratuitously or without any expectation that he would pay for the same. Article 1321. The person making the offer may fix the time, place, and the manner of acceptance, all of which must be complied with.Example: Carl offers to sell his specific lot to Sam for P1M, payable in check upon the execution of deed of sale; he specified that the acceptance should be by mail not later than the end of next month. Sam must send his acceptance not later than the end of next month, addressed to Carl at a specified address. The time, place and manner of acceptance have been specified in the offer. To constitute a valid acceptance Sam must comply with the terms of the offer. Article 1322. An offer made through an agent is accepted from the time acceptance is communicated to him. Article 1323.An offer becomes ineffective upon the death, civil interdiction, insanity, or insolvency of either party before acceptance is conveyed. Article 1324. When the offerer has allowed the offeree a certain period to accept, the offer may be withdrawn at any time before acceptance by communicating such withdrawal, except when the option is founded upon a consideration, as something paid or promised. Example: Sandejas offered to sell his ricefield to Soriano for P1M. In the offer, Sandejas gives Soriano a period of 5 days within which to accept or reject the offer, otherwise Sandejas shall be free to look for another buyer.Under the circumstances, Sandejas may, before the expiration of 5 days (option period), withdraw his offer provided that there had been no previous acceptance made by Soriano. Supposing that Soriano gives Sandejas P200,000 in consideration of which the option period is granted to Soriano, may Sandejas withdraw before the lapse of 5 days? Before notice of acceptance, the offer may be revoked, and the revocation will have the effect of preventing the perfection of the contract, although it may not be known by the acceptant unless revocation is not permitted because of an option period upon consideration.