1. A contract is binding only between parties but extends to the heirs, successors in interest, and assignees of the parties, provided that the contract involves transmissible rights by their nature, or by stipulation or by provision of law. True False 2. The contracting parties are accorded with liberality and freedom to establish stipulations, clauses, terms and conditions as they may deem appropriate, provided the same are not contrary to law, morals, good customs, public order or public policy Autonomy of Contract Mutuality of Contracts Relativity of Contracts