Business Law (Obligations and Contracts) fully solved graded A+

Business Law (Obligations and Contracts) fully solved graded A+Obligation - correct answer Derived from the Latin word "obligation" which means "tying" or "binding.". It is a juridical necessity to give, to do, or not to do. It is a tie or bond recognized by law by virtue of which one is bound in favor of another to render something and this may consist in giving a thing, doing a certain act, or not doing a certain act Divine law - correct answer It is the law of religion and faith which concerns itself with the concept of sin (as contrasted with crime) and salvation. Moral Law - correct answer It is the totality of the norms of good and right conduct growing out of the collective sense of right and wrong of every community. Natural law - correct answer It is defined as the divine inspiration in man of the sense of justice, fairness, and righteousness, not by divine revelation or formal promulgation, but by internal dictates of reason alone. Juridical or Legal tie - correct answer It is that which binds or connects the parties to the obligation. The tie in an obligation can easily be determined by knowing the source of the obligation. It is also called efficient cause (Art. 1157.) Constitution - correct answer It is defined as "the written instrument by which the fundamental powers of the government are established, limited, and defined, and by which these powers are distributed among the several departments for their safe and useful exercise for the benefit of the people." (Malcolm & Laurel, Phil. Constitutional Law, 1936 ed., p. 6.) Legislation - correct answer It is the preponderant source of law in the Philippines. Acts passed by the legislature are so-called enacted law or statute law. It consists in the declaration of legal rules by a competent authority. Legislation includes ordinances enacted by local governments units. (Salmond, Jurisprudence, 9th ed., p. 209.) Administrative or executive orders, regulations, and rulings - correct answer They are those issued by administrative officials under legislative authority. Administrative rules and regulations are intended to clarify or explain the law and carry into effect its general provisions. . Administrative acts are valid only when they are not contrary to the laws and Constitution. (Art. 7, Civil Code.)