What are the different modes of extinguishment of obligations?
Obligations are extinguished: (1) By payment or performance; (2) By the loss of the thing due; (3) By the condonation or remission of the debt; (4) By the confusion or merger of the rights of creditor and debtor; (5) By compensation; (6) By novation.
What are the different ways to extinguish an obligation give at least 3 and explain?
MODES OF EXTINGUISHING AN OBLIGATION
- Payment or Performance.
- Remission or Condonation.
- Compensation.
- Rescission.
- Annulment.
- Prescripition.
- Merger or Confusion.
- Novation.
What are the 3 elements of obligation?
Every obligation has four essential elements: an active subject; a passive subject; the prestation; and the legal tie. The ACTIVE SUBJECT is the person who has the right or power to demand the performance or payment of the obligation. He is also called the obligee or the creditor.
What is the meaning of extinguishment of obligations?
In contract law, extinguishment is the destruction of a right or contract. If the subject of the contract is destroyed (such as through merging the contract subject and the contract obligation), then the contract may be made void.
What are the 5 sources of obligation?
Terms in this set (6)
- Law.
- Contracts.
- Quasi-contracts.
- Crimes or acts or omissions punished by law.
- Quasi-delicts or torts.
What are the different kinds of obligations?
Different Kinds of Obligation (Primary) (Section 1: Pure and…
- Section 1: Pure and Conditional Obligation.
- Section 6: Obligation with a Penal Clause.
- Section 2: Obligations with a Period.
- Section 3: Alternative Obligation.
- Section 4: Joint and Solidary Obligations.
- Section 5: Divisible and Indivisible Obligation.
What is Resolutory condition?
Resolutory condition refers to a condition whereby, upon fulfillment terminates an already enforceable obligation. It also entitles the parties to be resorted to their original positions. A resolutory condition is also implied in all commutative contracts.
What are the different kinds of obligation?
Different Kinds of Obligation (Primary) (Section 1: Pure and Conditional…
- Section 1: Pure and Conditional Obligation.
- Section 6: Obligation with a Penal Clause.
- Section 2: Obligations with a Period.
- Section 3: Alternative Obligation.
- Section 4: Joint and Solidary Obligations.
- Section 5: Divisible and Indivisible Obligation.
What are the 3 kinds of prestation?
according to the nature of the prestation:
- Personal obligation – the prestation is to do or not to do an act: Positive obligation – to do an act. Negative obligation – not to do an act.
- Real obligation – the prestations is to give or deliver a thing: Determinate obligation – to deliver a determinate thing.
What are the four sources of obligations?
Sources of Obligations: The sources of obligations, according to Salmond, are four, viz., (1) Contractual—obligations ex contract, (2) Delictl—obligationes ex delicate, (3) Quasi-contractual—obligations quasi ex contract, and (4) In nominate.
What are the 2 classification of obligations?
according to the number of parties: Individual obligation – there is one debtor and one creditor. Collective obligation – there are two or more debtors and two or more creditors. Joint obligation – the prestation is divided among each debtor and/or the demand for it is divided among each creditor.
What is Resolutory condition example?
RESOLUTORY CONDITION. On which has for its object, when accomplished, the revocation of the principal obligation; for example, I will sell you my crop of cotton, if my ship America does not arrive in the United States, within six months. My ship arrives in one month, my contract with you is revoked.
How does the extinguishment of an obligation work?
Obligations are extinguished: (1) By payment or performance: (2) By the loss of the thing due: (3) By the condonation or remission of the debt; (4) By the confusion or merger of the rights of creditor and debtor; (5) By compensation; (6) By novation.
How are obligations extinguished in art.1231?
Payment or Performance This preview shows page 1 – 16 out of 63 pages. • Art. 1231. Obligations are extinguished: • (1) By payment or performance: • (2) By the loss of the thing due: • (3) By the condonation or remission of the debt; • (4) By the confusion or merger of the rights of creditor and debtor; • (5) By compensation; • (6) By novation.
How are obligations extinguished in the US Constitution?
– OBLIGATIONS Art. 1231. Obligations are extinguished: (1) By payment or performance: (2) By the loss of the thing due: (4) By the confusion or merger of the rights of creditor and debtor; (6) By novation.
How are obligations extinguished in the civil law of the Philippines?
Obligations are extinguished: 1 (1) By payment or performance: 2 (2) By the loss of the thing due: 3 (3) By the condonation or remission of the debt; 4 (4) By the confusion or merger of the rights of creditor and debtor; 5 (5) By compensation; 6 (6) By novation.
