Identity/qualification errors of one of the parties will only be accepted if it is the main cause of the contract. (1) Consensual contract or perfects with the simple consent of the parties. (e) the lease agreement for more than one year or for the sale of a real share or part of it; and dear PAO, I would like to ask whether a “gentleman`s agreement” or a word of honour is legally binding in court? Anuj A contract is one of the sources of commitment. One of the obligations is the legal necessity that arises when a contract is concluded or perfected. There can be no contract if there is no obligation, when not all obligations arise from contracts. The obligation arising from the contracts is called a treaty obligation. Article 1315. Contracts are enhanced by simple consent and, from that moment on, the parties are bound not only to respect for what is expressly defined, but also to all the consequences which, by their very nature, may be consistent with goodness, use and law. The contract is only refined if the elements or conditions mentioned above are consistent.
 Dear Anuj, The general rule is that agreements or contracts are perfected by simple consent. They are valid and binding between the parties and their heirs, with the exception of treaties which, by their nature or by law, are not communicable (Article 1311, Civil Code of the Philippines). The terms of a contract to be valid are as follows; (a) the agreement of the parties; b) to be the subject of it; and (c) the reason for the commitment (Article 1318, low tide). Contracting parties may also set these provisions, clauses, conditions and conditions which they deem appropriate, provided they are not contrary to law, morality, morality, public order or public order. (Article 1306, ibid.) There are contracts that, with the exception of the items listed, must be established in any form or that require delivery or registration in the appropriate register to be valid. (a) an agreement which, on its terms, cannot be concluded within one year of its completion; (2) Actual contract or the one which, in addition to the above, is supplemented by the delivery of the subject matter of the contract.