Law in Obligation and Contracts Reviewer Essay

Legislation, Contract

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CAUSES OF EXTINGUISHMENT OF OBLIGATION 1 . Payment or perhaps performance 2 . Loss of one thing due three or more.

Condonation or remission from the debt four. Confusion or perhaps merger of rights of creditor and debtor your five. Compensation 6th. Novation I actually , REPAYMENT OR EFFICIENCY PAYMENT means not only the delivery involving but also the functionality, in any other manner of a duty. How must the payment be made? 1 . There has to be delivery of the thing or rendition of the service that was contemplated. a. The debtor of the thing cannot compel the creditor to take a different one even though the latter can be of the same value as, or even more valuable than that which arrives.. In requirement to do or perhaps not to do, a great act or forbearance can not be substituted by simply another act or escape against the creditor’s will. c. In accountability to give universal thing in whose quality and circumstance have not been explained, the creditor cannot “” thing of superior quality not can the debtor deliver a thing of low quality. The purpose of the obligation must be taken into account. d. In case the obligation is a monetary requirement, the payment must be in legal tender. installment payments on your The repayment or functionality must be finish. Exceptions: 1 .

If the accountability has been substantially performed in good faith, the debtor may possibly recover like there had been complete happiness less injuries suffered by creditor. 2 . When the creditor accepts the performance knowing its incompleteness or irregularity and without revealing any protest or objection. Who must make the repayment? Payment must be made by the debtor who also must have the following: 1 . the free disposal in the thing because of, and , the property must not be subject of any state by third person. 2 . the capacity to alienate one thing. , debtor must not be not capable of giving permission otherwise the payment is usually void.

Payment by a third person The creditor is not sure to accept payment or efficiency by a third person APART FROM in the following cases: 1 . when there is also a stipulation to this effect installment payments on your when the third person has a interest in the fulfillment from the obligation (example: guarantor) Privileges of a third person who makes the payment a. payment with understanding and consent of the borrower 1 . third person can easily recover what he features paid from your debtor installment payments on your third person is eligible for be subrogated in the legal rights of the lender b. repayment without the understanding or resistant to the will with the debtor 1 ) e can recover simply insofar since the repayment has been good for the debtor 2 . he can not qualified for subrogation Payment by a third person who would not want to be returned -The repayment shall be regarded to be monetary gift which requires the debtor’s consent. To whom shall repayment be made? 1 ) to the lender 2 . towards the creditor’s successors in fascination 3. to the person approved to receive payment Payment for an unauthorized third person General Rule: Certainly not valid Exceptions: 1 . Repayment has redounded to the benefit for the lender, 2 . Payment is made in good faith to a third person in possession of the credit. In which payment has to be made? 1 .

If there is a stipulation, in that case in the place designated. installment payments on your If there is not any stipulation a. to give determinate thing ” wherever the thing must be at the moment the obligation was constituted. b. to give generic thing or perhaps an obligation to do ” appartement of the borrower Special varieties of payment 1 . Dation in payment (Dacion en pago) , this can be a special sort of payment where ownership of any property of the debtor is transferred to his creditor to a debt in money. installment payments on your Application of payment , it is the designation of the debt to which payment will probably be applied if the debtor is in debt for several financial obligations in favor of a similar creditor. Procedure:. the borrower is given the preferential right to apply the payment designates the debt to be paid. installment payments on your if the debtor does not make the designation, the creditor makes it by suggesting the debt staying paid in his receipt. a few. if nor the debtor nor the creditor the actual designation or application: a. payment will probably be applied to your debt which is the most onerous m. if the debt are the same ” to all bills proportionately 3. Payment by simply cession , it is the desertion or task by the debtor of all his property for his creditors so that the latter may promote them and recover their particular claims out of your proceeds. Requisites:. there must be two or more creditors, installment payments on your the borrower is financially troubled, 3. the debtor abandons all his properties 4. the credit card companies accept the abandonment Take note: The cession or project operates only to authorize the creditors to market the debtor’s property, therefore, ownership is not used in them. 5. Tender of payment and consignation Sensitive of payment is the act of the debtor of supplying to his creditor precisely what is due him. Consignation is definitely the act of depositing the sum or perhaps thing due with the contencioso authorities whenever the lender refuses devoid of just trigger to accept precisely the same, or in the cases when the creditor simply cannot accept that.

Effect of consignation duly manufactured -The borrower may request the judge to order the cancelling of the obligation. The obligation should be extinguished following your creditor features accepted the consignation or the judge has declared the fact that consignation have been properly produced. When fourrière, without a previous tender of payment, can produce a similar effect: 1 ) the lender is absent or unidentified or would not appear in the place of repayment. 2 . the creditor can be incapacitated to receive the repayment at the time it truly is due. 3. when, with no just trigger, he will not give invoice. 4. two or more persons claim the same directly to collect.

2 ” LACK OF THE THING THANKS A. Principle A thing is regarded as lost mainly because it perishes, or goes out of commerce, or disappears so that its lifestyle is unfamiliar or may not be recovered. N. Effect on the obligation 1 . Loss in a espective, definite thing Basic Rule: obligation is put out. Exceptions: a. when the loss is due to the fault of the debtor. w. when the debtor has received in delay. c. when so given by law. (ex. The debtor promised to offer the same thing to two or more individuals who do not have the same interest. ) d. when it is specified by the parties. at the. hen the nature of the obligation needs the presumption of risk. 2 . Loss in a common thing , the loss of destruction of anything at all of the same kind does not extinguished the obligation. C. Creditor’s correct if the loss is caused by a third person , if the obligation have been extinguished by the loss of one thing, the lender shall have all the privileges of actions which the borrower may have against third persons by simply reason with the loss. III ” CONDONATION OR REMISSION OF DEBTS A. Concept Condonation or perhaps remission may be the gratuitous abandonment by the creditor of his right. In plain dialect, this identifies the forgiveness of indebtedness.

To reduce the obligation, it takes the debtor’s consent. M. Kinds of condonation or remission 1 . as to the amount or extent a. Total ” when the total obligation is usually remitted. b. Partial ” when just part of the accountability, or the particular accessory accountability is remitted. 2 . concerning form a. Express ” one built orally or perhaps in writing. n. Implied ” one deduced from the carry out of the functions. C. A result of condonation or remission 1 ) The remission of the principal debt extinguishes the accessory obligation. installment payments on your the remission of the equipment obligation would not carry with it that of the principal debts. IV ” CONFUSION OR PERHAPS MERGER A. Concept

Dilemma or merger is the appointment in one person the attributes or the character of lender and borrower. B. A result of merger the moment there is guarantor 1 . Combination which occurs in the principal debtor or creditor benefits the guarantors. Both the primary obligation plus the guaranty will be extinguished. installment payments on your Merger which will takes place inside the person of the guarantor will not extinguish the obligation, only the warranty is extinguished. V- PAYMENT A. Principle Compensation is a mode of extinguishing a duty when two persons, within their own correct, are debtors and lenders of each various other. B. Varieties of compensation 1 ) as to volume or magnitude a.

Total ” when the debts happen to be of the same quantity. b. Part ” when the debts will be of different volume. 2 . concerning cause or perhaps origin a. legal ” it takes place by operation of legislation and extinguishes both bills to the contingency amount however the debts happen to be payable at different spots and the collectors and debtors are not aware of the compensation. Requisites: 1 . That every one of the obligors be sure principally, and be simultaneously a main creditor of the other. 2 . That both debt consist within a sum of money or perhaps if the issues due happen to be consumable, they will be of similar kind, and in addition of the same top quality if the second option has been explained.. That the two debts happen to be due. 4. That equally debts end up being liquidated and demandable m. Voluntary or perhaps conventional redemption ” takes place by agreement of the functions, such as if they agree to the compensation of debts that happen to be not yet due. c. Contencioso ” reimbursement ordered by the court. d. Facultative ” compensation that may be claimed or opposed by one of the celebrations (such while when not all the requisites for legal reimbursement cannot have place) VI ” NOVATION A. Principle It is the modification or extinguishment of an obligation by another, either by: a. changing the object or principal state, b. ubstituting the person of the debtor, or perhaps c. subrogating a third person in the rights of the lender. B. Requirements of novation 1 . there should be a previous valid obligation. installment payments on your there must be a between the get-togethers to modify or perhaps extinguish the obligation. 3. the extinguishment with the old responsibility. 4. the validity in the new requirement. C. Sorts of novation 1 . as to thing or goal a. Real or objective ” novation by changing the object or perhaps principal condition. b. Personal or very subjective ” novation by transform of the celebrations (debtor or perhaps creditor). a) substituting anyone of the borrower (always while using creditor’s consent) 1 .

Expromision ” third person starts the alternative and takes on the obligation without even the knowledge or perhaps against the can of the debtor) 2 . Delegacion ” borrower initiates the substitution, which usually requires the consent of all parties (original debtor, lender and fresh debtor) b) Subrogating a third person inside the rights from the creditor. Kinds of Subrogation 1 . Conventional subrogation ” modify of creditor by the arrangement of the parties. 2 . Legal subrogation ” subrogation simply by operation of law. three or more. Mixed subrogation ” modify of target and get-togethers to the obligation. 2 . regarding form a.

Express ” novation reported in unequivocal terms. b. Implied ” when the outdated and new obligation take every point antagónico with each other. three or more. as to extent a. Total ” the obligation is completely extinguished. n. Partial ” the old requirement still continues to be in force except as it has been modified. G. Effect if new requirement is void If the new obligation is void, the novation is definitely void. In such circumstance, the original a single shall survive. E. Impact if unique obligation is void The novation can be void in case the original accountability is emptiness. If the first obligation can be void, there is not any obligation to extinguish because it is no.

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