BA 161 LAW on BUSINESS TRANSACTIONS and TRANSPORTATION
Description: This course deals with the study of the laws governing obligations and contracts in general, including transportation (common carriers), their nature, concepts, specific rights and obligations of parties, and modes of extinguishments. Objectives: At the end of the course, the student is expected to: 1. Understand the basic concepts and principles of law in general. 2. Know his/her obligations arising from law and as consequences of his/her acts or omissions. 3. Acquire a comprehensive and particular knowledge of the basic principles, rights and obligations arising from contracts (including common carriers). 4. Be able to appreciate the importance of this legal knowledge in accountancy in particular and in business in general. 5. Be able to use this knowledge in the solution of problems in Business Law in the CPA Board Exams as well as in the private practice of accountancy. Requirements: 1. Graded Recitation 2. Three (3) Long Exams 3. Final Examination Basic Text: The Law on Obligations and Contracts, Latest Ed. By: Hector S. de Leon References: Comments & Jurisprudence on Obligations and Contracts, Latest Ed. By: Desiderio P. Jurado Commentaries & Jurisprudence on the Commercial Laws of the Phil., Volume IV, Latest Ed. (for common carriers) By: Aguedo F. Agbayani Course Outline: 1. Introduction to Law The general nature of law, its meaning; concept; characteristics; necessity; functions; sources; classifications; etc.
2. Obligations Definition and requisites Sources of obligations, their concepts law, contracts, quasi-contracts, delicts, and quasi-delicts
Nature and effects of Obligations a. Duties of the Obligor (Debtor) and Rights of the Obligee (Creditor) in an Obligation To Give, To Do, and Not To Do b. Specific circumstances affecting obligations b.1) Voluntary Breach: delay, fraud, negligence, contravention of the tenor of the obligation b.2) Involuntary Breach: fortuitous event Kinds of Obligations in General and under the Civil Code a. b. c. d. e. f. Pure and Conditional Obligations Obligations with a Period Alternative and Facultative Obligations Joint and Solidary Obligations Divisible and Indivisible Obligations Obligations with a Penal Clause
Extinguishment of Obligations; Causes and Effects a. Payment or Performance a.1) Special Forms of Payment: dacion en pago, payment by cession, application of payment, tender of payment & consignation b. Loss of the thing due c. Condonation or remission of a debt d. Confusion or merger of rights e. Compensation f. Novation 3. Contracts Concept, characteristics, classifications, etc. Elements Stages
Characteristics of Contracts a.) b.) c.) d.) Obligatory Force of Character of Contracts Autonomy or Freedom of Contracts Mutuality of Contracts Relativity of Contracts
Essential Requisites a.) Consent- offer and acceptance, option period, option money, vices of consent other than incapacity, simulation in contracts b.) Object of contracts concepts, kinds c.) Cause of contracts meaning, distinguished from object and motive, requisites
Form of Contracts for validity, for enforceability, for convenience of parties
Interpretation and Reformation of Contracts
Defective Contracts a.) Rescissible contracts meaning, requisites, cases of and effects b.) Voidable contracts meaning, kinds and effects, ratification c.) Unenforceable contracts meaning, kinds, statute of frauds d.) Void or Inexistent contracts meaning, characteristics, effects
4. Natural Obligations Concepts Distinguished from Civil Obligations Instances
5. Transportation (Common Carriers)
First Semester, S.Y. 2013-2014 Atty. P.G. Nafarrete III Lecturer II
