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Use this hub to test whether an agreement binds, what happens when a party fails to perform and which remedies survive a breach. An obligation can exist without a signed contract, and a signed contract can still be void.
Key topics: sources of obligations · kinds of obligations · breach, delay and fortuitous events · payment and extinguishment · essential requisites of a contract · void, voidable and unenforceable contracts · rescission and reformation · the Statute of Frauds · sales and instalment sales · lease · loans and interest · agency · partnership · guaranty and surety · mortgage and pledge.
Statutory basis: Civil Code, Book IV (Arts. 1156 to 2141), read with RA 6552 (Maceda Law) and RA 1552 (Recto Law) on instalment sales.
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