• A Quasi-contract refers to the juridical relation that arises through certain lawful, voluntary and unilateral acts to the end that no one shall be unjustly enriched or benefited at the expense of another.

• Quasi-contracts are licit and purely voluntary acts which create an obligation on the part of the actor in favor of a third person, and at times, a reciprocal obligation between the parties concerned.

• Quasi-contracts may be a source of obligation.

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• The corporation has the power to acquire its own shares.

• Treasury Shares are shares of stock which have been issued and fully paid for, but subsequently reacquired by the issuing corporation through purchase, redemption, donation, or some other lawful means

• Treasury Shares may again be disposed of for a reasonable price fixed by the board of directors.

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• Redeemable Shares are shares which may be purchased by the corporation from the holders of such shares upon the expiration of a fixed period.

• Redeemable Shares are either compulsory or optional.

• Redemption may not be made where the corporation is insolvent or if such redemption will cause insolvency or inability of the corporation to meet its debts as they mature.

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• Founders’ Shares are given certain rights and privileges not enjoyed by the owners of other stocks.

• Founders’ Shares may be given special preference in voting rights and dividend payments

• Where exclusive right to vote and be voted for in the election of directors is granted, such right must be for a limited period of five (5) years.

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