Article 1315
ELI5— what this means for you
A contract is perfected (becomes binding) from the moment the parties agree on the subject matter (object) and the price or consideration. From that point, each party is bound.
Official text — RA 386
Contracts are perfected by mere consent, and from that moment the parties are bound not only to the fulfillment of what has been expressly stipulated but also to all the consequences which, according to their nature, may be in keeping with good faith, usage and law. (1258)
Source: lawphil.net (RA 386 as amended)
Related
RELATED RIGHTS
Legal disclaimer: BatasKo provides general legal information, not legal advice. For advice on contracts, property rights, obligations, or civil damages, consult a licensed Filipino lawyer or the Public Attorney's Office (PAO) at pao.gov.ph.