Title IV — Obligations and Contracts

This title governs the formation, effects, performance, and extinction of obligations and contracts.

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Chapter 1 — Obligations in General

Article	Title	Description
Article 41	Sources of Obligations	An obligation is a juridical bond by which one person is bound to perform or to refrain from performing an act in favour of another.
Article 42	General Rules on Obligations	Obligations must be performed in good faith and in accordance with their terms.

Chapter 2 — Formation of Contracts

Article	Title	Description
Article 43	Formation of Contracts	A contract is formed by the exchange of concordant declarations of will: an offer and an acceptance.
Article 44	Form and Electronic Contracts	A contract may be concluded in any form unless the law requires a particular form for validity.
Article 45	Validity and Defects of Consent	A contract requires the free and informed consent of each party. Consent is defective where it is vitiated by error, fraud, duress, or undue influence.

Chapter 3 — Effects and Performance

Article	Title	Description
Article 46	Effects of Contracts	A valid contract has the force of law between the parties. It may be modified or revoked only by mutual consent or on grounds provided by law.
Article 47	Performance	The debtor must perform the obligation at the time, place, and in the manner stipulated by the contract.
Article 48	Non-Performance and Remedies	Where the debtor fails to perform, the creditor may:; Non-performance is fundamental where it substantially deprives the creditor of what the creditor was entitled to expect under the contract.

Chapter 4 — Extinction of Obligations

Article	Title	Description
Article 49	Extinction of Obligations	An obligation is extinguished by performance, release, set-off, novation, merger, impossibility not attributable to the debtor, prescription, or any other mode recognised by law.