Law 101 Assignment

Name: RIENALYN D.
DALIGCON
Course: BSBA/ Operation Management
Subject: LAW 101 /Law of Obligation and Contract
Professor: ATTY. MARCELO CABILDO
Discuss by relating the relevance of obligations and contracts to your daily activities
Note: Not less than 500 words
Contracts governs many aspects of our day-to-day lives activities, they are one of the
fundamental ways that society is ordered. You likely engage in dozens of activities governed by
contract of every day living, usually without considering the legal relationships you are entering
into and engaging in any activities.
At its most fundamental level, a contract is an agreement that will be enforced because it
represents the communication of an agreement or commitment to engage in a reciprocal
measured exchange, in other words, the exchange of valuable promises that in turn create
obligations to do or not do something. Communication and exchange are central to the
formation of a contract. For a contract to be formed someone must offer and someone will do
the acceptance, and there must be consideration (something of value must be exchanged…
contracts are not the same as gratuitous promises, where one of the parties receives no benefit
of value).
While there are many more rules that relate to when and how contracts are formed this basic
definition can help us understand when we might enter into a contract.
Obligation of contracts refers to the legal duty of contracting parties to fulfill/ to accomplished the
promises specified in their contracts. If the obligations of a contract are in question, a person's
reasonable capacity to perform or refrain from doing or performing the required task or duty will
be taken into consideration.
A contract is a legally binding agreement between two or more parties. Once signed, this
contractual agreement creates a promise that certain rights and obligations will be fulfilled by
each party. In essence, a promise is at the heart of every contract.
Contracts are valuable in everyday life. Contracts tell people how to act and ensure that a
person receives what he or she thought he or she would receive in exchange for some action,
contract are important to helps maintain incentives for individuals to exchange goods and
services efficiently, it also reduces the costs of economic transactions because its very
existence means that the parties need not go to the trouble of negotiating a variety of rules and
terms already spelled out just to justify their actions.
A contract is a legally binding agreement between two or more parties. Once signed, this
contractual agreement creates a promise that certain rights and obligations will be fulfilled by
each party. In essence, a promise is at the heart of every contract.
We can consider a few examples from my day today:
Under the General provisions of

the Civil Code of the Philippines, an obligation is a juridical necessity to give, to do, or not to do.
We have learned that a Juridical necessity means legal ties; implies that noncompliance will
result
in legal consequences. An obligation is simply a person's (obligor's) duty to satisfy a specified
demandable claim of another person (obligee), which is enforceable in court if breached.
A
contract inevitably results in an obligation, but an obligation does not always necessitate
the
existence of a contract.
result
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result
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The first thing I did when I woke up was to check my phone and respond to emails. I have a
contract with the globe company, in consideration for me paying a certain fee every month, they
provided me with a phone, as well as with access to their cell towers. I accepted this offer when
I signed my phone contract and began using their services.
When I checked my email account, I was in a contractual relationship with Google. When I send
or receive content through a Google Service I give Google and its affiliates a worldwide license
or a full capacity to use that content for certain purposes in a certain situation, per the Google
Terms of Service. As consideration for those licenses. Google provides me with access to its
Services. Google offers these services publicly and I enter into a contract by creating an
account and agreeing to the Terms of Service.
Dealing with some clients is hungry work, so I decided to grab breakfast at a restaurant near the
office. I usually order tapsilog. The cashier told me that the total would be 50.00, which I paid in
cash. Ten minutes later I was tapsilog for breakfast.
When I handed the cashier the money, I entered into a contract with the coffee shop.
As consideration for a tapsilog, I provided 50.00. I communicated my acceptance of their posted
offer to provide me a tapsilog for 50.00 by ordering from the cashier and providing money. They
fulfilled the terms of the contract by providing me with my food.
One example also of this, is when I have a client, requesting for a true copy of tax declaration,
we always agreed to each other that before issuing him/her a true copy of tax declaration he/
she must first pay his obligation and that is to pay his/her real property taxes every year and to
pay the corresponding amount of 100.00 for the true copy of tax declaration before we hand
him/her the copy.
This examples are my daily routines, not unless there were no clients in the office.
As you’ve seen, contracts have already been a part of just the very beginning of my day. Take a
minute to think about your day so far: what have you done that has involved an offer,
acceptance, and consideration.

result
A
the

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Name: RIENALYN D.

Under the General provisions of

Under the General provisions of

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