Chapter 4 Section 1-3 Flashcards
(39 cards)
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.
Causes of extinguishment of obligations.
(1) Death of a party.
(2) Mutual desistance or withdrawal. (3) Arrival of resolutory period (par. 2, Art. 1193,.); (4) Compromise (Art. 2028.);
(5) Impossibility of fulfillment (Art. 1266.); and
(6) Happening of a fortuitous event.
refers only to the delivery of moneys
payment
It may consist of not only in the delivery of money but also the giving of a thing (other than money), the doing of an act, or not doing of an act.
Payment
It may refer to an obligation to deliver money, to deliver a thing (other than money), to do an act, or not to do an act.
Debt
It is always presumed in the absence of proof to the contrary.
Good faith
the person who pays for the debtor is put into the shoes of the creditor. The payor acquires not only the right to be reimbursed for he had paid but also all other rights
Subrogation
The third person entitled by reason of payment has merely the bare right to be refunded without the right to the guarantees and securities of the original obligation.
Reimbursement
Payment made by a third person who does not intend to be reimbursed by the debtor and which requires the debtor’s consent
Donation
It means that the thing to be delivered must not be subject to an claim or lien or encumbrance (mortgage or pledge) of a third person
Free disposal of the thing due
It means that the person is not incapacitated to enter into contracts and for that matter, to make a disposition of the thing due.
Capacity to alienate
Through this, an admission or representation is rendered conclusive upon the person making it and cannot be denied or disproved as against the person relying thereon.
Estoppel
Four Special Forms of Payment
- Dation in Payment 2. Application of payments 3. Payment by cession 4. Tender of paymenr and consignation
It is the conveyance of ownership of a thing as an accepted equivalent of performance.
Dation in payment (adjudication or dacion en pago)
It governs because dation in payment may be considered a specie of sale in which the amount of the money debt becomes the price of the thing alienated.
This article is a principle of equity in that it supplies justice in cases where there is lack of precise declaration in the obligation.
Article 1246
These are the statutory amounts allowed to a party to an action for his expenses incurred in the action.
Judiciary Costs
It is that currency which if offered by the debtor in the right amount, the creditor must accept in payment of a debt in money.
Legal Tender
It is a sharp sudden increase of money or credit or both without a corresponding increase in business transactions. It causes a drop in the value of money, resulting in the rise of the general price level.
Inflation
It is the reduction in volume and circulation of the available money or credit, resulting in a decline of the general price level; it is the oppossite of inflation.
Deflation
It is the place where a court suit or action must be file or instituted.
Venue
It is the place of a person habitual residence; the place where he has his true fixed permanent home and to which palce he, whenever he is absence, has the intention of returning.
Domicile
It is only an element of domicile. It simply rewuires bodily presence in that place and also an intention to make it one’s domicile.
Residence
It is the designation of the debt to which should be applied the payment made by a debtor who has various debts of the same kind in favor of one and the same creditor
Application of Payments
