Rescissible Contracts

The following are rescissible contracts:

  1. Suffer lession more 1/4 of the value of things which are object of the contract.
  2. In representation of absentees, if the suffer lession by more than 1/4 of the value.
  3. Those undertaken in fraud of creditor in which the latter cannot in any manner collect the claims due them
  4. Those things under litigation if they have been entered into by the defendant in judicial claim.
  5. Those contracts declared by law to be subject to rescission.

Rescissible payment;

a. The debtor is insolvent.

b. Obligation not due.

c. The debtor makes payment.

Prescriptive period 4 years.

Advertisements

About Jonathan Ruiz CPA

Newbie Mentor and one of the influential author in the Philippines setting. His also the founder of PAM Academy and Developer of PAM PSE TRACKER application.
This entry was posted in Business Law and tagged . Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s