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Law of Obligations
Sales Contract: It is the type of contract in which a buyer is obligated to give an amount of money and in return the seller is obligated to transfer the ownership of the goods sold. This contracts main points are; the goods being sold, the price (money needed to be paid) and the agreement.
The Barter/Exchange Contract: with this contract the parties agree to mutually exchange the ownership of one type of good with another type of good or right. This is a type of contract which completely obligates both sides of it. The person who has been given a defected good may chose to act in four different ways. These are;
1- The defected good will be returned and the good which the person has transferred may be asked to be given back. 2- The defected good will be returned and the damage caused will be asked to be given by the other side. 3- The defective good will be held on to but the difference born from the decrease in the value of the good may be asked to be paid by the other side. 4- If the defected good is a fungible good then the Code of Obligation’s 203rd article relating the sales may be applied by comparison and the person may request that defected good should be exchanged with another similar good which is not defected.
Donation is the type of contract made between a donator and donated person in which the donator, without getting anything in return and with the intention of increasing the wealth of the donated person by means of committing to give certain valuables from their own wealth or by giving them. Donation is an acquisitive transaction and is a non-controversial one. Types of Donations: Donation commitment, donation by hand, conditioned and obligated donation, donation which is tied to the death of the donator, donation with the condition of being given back.
Borrowing for use (Commodatum): With this contract the loaner, leaves something to the person who is borrowing in order to be used and this person who borrows this thing included is obligated to give it back. This contract’s components: A thing or right which may be a subject of usage, unrequited usage and the agreement of the parties.
Consumption Loan (Loan): With this contract the loaner gives the ownership of a certain amount of money or some other fungible object to the person who is loaning directly and this person included must in return give back the same amount and quality of the thing back to the loaner.
Leasing agreement is such a contract made between the lessee who owns a business and a lessor who is a lending society. According to this contract, in order to finance the lessee’s needs and the asset the lessor may provide them either buying them from third parties or to acquire them some other way and the lessor left them to the lessee in order to their usage in production activities for a certain price and as long as not to retreat from the contract for a certain period. The lessee with this contract is obligated to; pay the price for usage, use the asset in pursuant of the contract, be responsible for the maintenance and usage of the asset, be responsible for any damage or losses on the asset, not to give the asset to anyone else, pay the insurance premium and at the end of the contract return the asset back.
Labour Contract: It is when someone for a certain wage accepts to give a certain or uncertain service, give the service under the job owners command whereas the job owner is obliged to pay a certain wage to them. The employee has the obligations to do the work, accept to do overtime, do the work properly, be devoted and follow the employer’s orders. Whereas the employer has the obligations to pay the wage, give a job, provide the necessary tools, observe the employee and give a work document to the employee.
Contract of Construction: It is such a contract made between a person called contractor and the business owner that; with this the contractor for a fee which the business owner will provide is obligated to produce a work of art. The contractor is obliged to create a work of art in the name of the business owner. For the work of art which has been created the business owner is obliged to pay a certain fee. With this contract the contractor is obligated to; create a work of art, deliver it, do the work of art with care and devotion, do the work personally, provide the necessary materials and equipment, make notifications, start the work and finish it on time and be responsible for any defects.
Publishing Contract: Is such a contract that with it on one side a person wants to publish; a literal, scientific, or artistic work by leaving it to a publisher and on the other side the publisher wants to duplicate the work and publish it to the public. It is a bilateral contract and both parties make promises. The validity of the contract is not tied to the fact that it should be done in a certain way however a contract relating economic rights and dispositive transactions must be done in written form.
Attorney Agreement: According to this type of agreement, the attorney must act in favour of the client and is obligated to do his job in accordance with the clients will. The attorney firstly must show the necessary care while doing their job. The attorney must do the job devotedly to the client and must do it accordingly to the will of the client and their instructions.
Acting without authority is seen when someone acts on behalf of someone else without making a contract between them (attorney contract). The person who is acting on behalf of the other person is obligated to act in favour of the person he is acting on behalf on. The person acting on behalf of a person is also obligated to show special care while doing the job as well.
Transfer is such a legal relationship that, with it on one hand the transferor must deliver the transferred thing which may be an amount of money, legal instrument, or fungible goods in his own name to the transferee whereas on the other hand gives the transferee the authority to accept in their own name the transfer made to them. Transfer is a tool for payment and credit. Although transfer is not bound to any conditions for validity in practise it is usually made in writing. Transfer; is a three way relationship between the transferor transferee and the transfer taker.
Custodial agreement is the type of contract in which a person gives a movable to another person so that it may be hidden and whenever this person who wanted the thing hidden asks for it to be returned (the person may ask for this anytime) then the person who is hiding it becomes obligated by this contract to return it. Contract of mandate may only be made for movables. A fee although not mandatory may be decided upon between the parties, and from the actions characteristic it may show that the person who is hiding the thing has a right to expect to get paid.
Guaranty contract is such a contract that, with it the guarantor accepts that he will be personally responsible against the claimant for the debt of the person he became a guarantor of, when this person does not pay his debt. It is a contract made between the claimant and the guarantor and the debtors consent is not needed. The guaranty will become valid when there is an existing valid main debt, the guarantor has the ability to do this procedure and when the contract is made in writing. A guaranty ends when the main debt has ended or when the guaranty was made for a certain period and this period has been expired. In addition when a time period is not put in the guaranty contract then 1 month after the main debt becomes due the guarantor has the right to ask the claimant, to claim the debt by means of a court, or to follow it with enforcement proceedings and for them to continue following it. If the claimant does not follow these instructions then the guarantor will be freed from their obligations.
Pledge Contract: It is a contract made between a claimant and the person who makes a pledge, in which the claimant may sell the pledged thing, right or the valuables of a commercial business and get his claim primarily from the money of the sold things if the credit has not paid on the due date. In an immovable pledge the subject of the pledge is an immovable. On a movable item only a movable pledge may be established.
Contract for looking after a person until his death: It is when one of the sides agrees to look after the other one as long as they live and in return the other person is obliged to give them an estate or property. The contract is a bilateral and controversial contract which obligates both sides. The contract ends with death, notification of annulment and annulment.
Income for Life Contract: It is made with the intention of, making the debtor of income make payments in money or in exceptions with other fungible goods to the income claimant on certain time periods. The contract may be bound to the life of the person who will get the income or it may be bound to the person who will give the income it may also be bound to the life of another third party as well. The contract must be made in writing.
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