Understanding Mercantile Contracts: Vices of Consent, Object Conditions, Cause, and Contract Effects
Dive into the fundamental aspects of mercantile contracts – exploring vices of consent, conditions regarding the object, reasons for an illicit cause, and the effects contracts have on parties. Learn about key terms and phrases in the legal realm.
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Presentation Transcript
College of Law, Al-Mustansiriyah U. Fourth Year Course in Mercantile Contracts 2016-2017 FIRST SEMESTER LECTURE #2 CONT. CHAPTER ONE: CONTRACTS
Vices of Consent Vices of consent may be classified with respect to their effect as follows. Error Violence Fraud and Lesion Exploitation
The object in contracts and in obligation Conditions as to the object are: 1- it must exist 2- it must be determinate 3- it must be susceptible to private ownership.
Cause There are certain reasons due to which a cause becomes illicit: 1- when it is prohibited by the law, 2- when it is contrary to public order or morals.
The effects of contracts Contracts may affect the universal and, sometimes, the singular successors of the contracting parties. Hence, their effect may be as follows: A- Effects on the parties to a contract B- Effects on persons not parties to a contract C- Stipulations for the benefit of a third party.
Term, word and phrase meaning civil status, sufficient, entail, rescission, impression exposing, threaten, due, creditor, debtor, victim, theft, prosecution, fraudulent, artifices, deceive, surprise, susceptible, ownership, illicit, prohibited, contrary to, benefit
