HO_16 Flashcards
How are obligations extinguished?
By payment or performance
By the loss of the thing due
By the condonation or remission of the debt
By the confusion or merger of the rights of creditor and debtor
By compensation
By novation
It may consist of not only 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
In law, they are synonymous
Payment and performance
The currency which a debtor can legally compel a creditor to accept in payment of a debt in money when tendered by the debtor in the right amount.
Legal tender
In the Philippines, all coins and notes issued by the _______________ constitute legal tender for all debts, both public and private.
Bangko Sentral ng Pilipinas
Why does a creditor have the right to refuse the payment by the debtor by means of checks
or promissory notes?
Because these are not legal tenders in the Philippines
The gratuitous renunciation by the creditor of his right
against the debtor resulting in the extinguishment of the latter’s obligation in its entirety or in that part of the same to which the renunciation refers.
Condonation or remission
The meeting in one person of the qualities of creditor and debtor with respect to the same obligation.
Confusion or merger
The extinguishment of the concurrent amount of the debts of two persons who, in their own right, are reciprocally principal debtors and creditors of each other.
Compensation
the total or partial extinction of an obligation through the creation of a new one which substitutes it.
Novation
