This course gives the student an understanding of the legal concepts and rules governing the law on obligations and contracts and application of these concepts to practical problems. it involves a discussion of the nature, sources, kinds and extinguishments of contracts including defective contracts and other miscellaneous topics relevant to the course. The Law on Obligations and Contracts sets forth the basic nature and kinds of contracts, giving rise to obligations and the mutual duties and responsibilities each contracting party must observe. The course will introduce to the students the legal concepts which are necessary in properly drafting, analyzing, refining a business contract, and determining the extent of obligation incorporated therein. This knowledge will aid them, in evaluating the implication of signing a contract, or proposing changes on the stated stipulations.