LAW is defined as a rule of conduct, just and obligatory,

laid down by legitimate authority for the common observance and

benefit.

An OBLIGATION is a juridical necessity to give, or to do
or not to do. Art. 1156 NCC

A CONTRACT is a meeting of minds between two persons
whereby one binds himself, with respect to the other, to give
something or to render some service. Art. 1305 NCC

By the contract of PARTNERSHIP, two or more persons bind
themselves to contribute money, property, or industry to a
common fund, with the intention of dividing the profits among
themselves.
Two or more persons may also form a partnership for the
exercise of a profession. Art. 1767 NCC

A CORPORATION is an artificial being created by operation
of law, having the right of succession and the powers,
attributes, and properties expressly authorized by law or
incident to its existence. Sec. 2

A NEGOTIABLE INSTRUMENT may be a bank check, promissory
note, bill of exchange, or any other written security document
that can be transferred by indorsement plus delivery, or in some
cases, by delivery only.



A PROMISSORY NOTE is an unconditional promise in writing
made by one person to another, signed by the maker, engaging to
pay on demand, or at a fixed or determinable future time, a sum
certain in money to order or to bearer. Sec. 184 NIL

A BILL OF EXCHANGE is an unconditional order in writing
addressed by one person to another, signed by the person giving
it, requiring the person to whom it is addressed to pay on
demand or at a fixed or determinable future time a sum certain
in money to order or to bearers. Sec 126 NIL

A CHECK is a form of a bill of exchange drawn on a bank
and always payable on demand. Sec. 185 NIL

By the contract of SALE one of the contracting parties
obligates himself to transfer the ownership of and to deliver a
determinate thing, and the other to pay therefore a price
certain in money or its equivalent.
A contract of sale may be absolute or conditional. Art.
1458 NCC

By the contract of AGENCY, a person binds himself to
render some service or to do something in representation or on
behalf of another, with the consent or authority of the latter.
Art. 1868

MARRIAGE is a special contract of permanent union between
a man and a woman entered into in accordance with law for the
establishment of conjugal and family life. Art. 1 NFC