Article 1315. 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.
Artikulo 1315. Ang mga kontrata na naperpekto sa pamamagitan ng pahintulot, at mula sa panahon na ang mga patido ay obligado hindi lamang sa katuparan ng nabangit na stipulasyon kundi pati na rin sa mga kahihinatnan na kung saan, ayon sa kanilang likas, ay pag sunod ng buong pagtitiwala, pag gamit at batas.
CLASSIFICATIONS OF CONTRACTS ACCORDING TO PERFECTION
(1) Consensual contract or that which is perfected by mere consent of the parties.
ILLUSTRATION
When Anne (an employer) hires Bryan (an employee), as soon as both have agreed on the terms of employment, a contract commences.
(2) Real contract or that which is perfected, in addition to the above, by the delivery of the thing subject matter of the contract.
ILLUSTRATION
Xian borrowed from Yanee Php 5,000. As Xian’s security for the debt, Xian promised to pledge his diamond ring to Yanee.
Before the delivery of the ring to Yanee, the contract of pledge is not yet perfected. If Xian later on refuses to pledge the ring, Yanee can demand the payment of the obligation although it is with a period. But Yanee cannot require Xian to deliver the ring as security because there is no real contract of pledge yet. There is merely a consensual contract to constitute a pledge. What exists, is a personal right, the right of action on the part of Yanee to demand the constitution of the pledge.
EFFECT OF PERFECTION OF THE CONTRACT
From the moment the parties come to an agreement on a definite subject matter and valid consideration they are bound not only:
(1) to the fulfillment of what has been expressly stipulated
EXAMPLE
Anne sold a horse to Bryan for Php 15, 000. The details of this contract as regards the place of delivery of the horse and payment of the price, the time of delivery and payment, etc. are not included. These details are furnished by law and have been taken up in the various provision of the Code.
(2) to all the consequences which according to their nature, may be in keeping with good faith, usage, and law. (Art. 1315.)
EXAMPLE
Anne agreed to sell his horse to Bryan. It was stipulated that Anne should deliver the horse to Bryan the next day.
In this case, Anne has the obligation to deliver the horse the next day as expressly stipulated in the contract. Anne has also the obligation to take care of the horse pending delivery and to warrant that he has the right to sell the horse although nothing is said about the obligation in the contract as this is in keeping with good faith, usage, and law.
OBLIGATIONS AND CONTRACTS 