Contracts validly agreed upon may be rescinded in the cases established by law. (1290)
Kontratang maybisang mapagkasunduan, ay maaring ikansila (pawalan bisa) sa mga pagkakataon itinalaga nang batas.
Discussion:
What is a rescissible contract?
A rescissible contract is one which contains all the essential requisites of a contract which make it valid, but by reasons of injury or damage to either of the contracting parties or to third person, such as creditors, may be rescinded.
What are the characteristics of a rescissible contract?
- It has all the elements of a valid contract;
- It has a defect consisting in an injury to one of the contracting parties or third person, generally in the form of economic damage or lesion, fraud, alienation of property subject of case in court without the consent of the litigants or of the court;
- It is valid and effective until rescinded;
- It can be attacked only directly, either by one of the contracting parties or by an affected third person, who is injured or defrauded by the contract;
- It is susceptible of convalidation only by prescription. Ratification process does not apply.
Obligations and Contracts 