Accounting students should cultivate a significant understanding of the law on obligations and contracts as it relates to most business transactions.

This course covers Civil Code provisions on Obligations and Contracts. The Law on Obligations touches on the basic concepts, principles, sources, kinds, effects, and mode of extinguishment of obligations. On the other hand, the Law on Contracts deals with contracts, in general, the principles that govern them, requisites, forms, and interpretation. Emphasis is laid on defective contracts, their kinds, effects, and modes by which they are remedied.