breach and frustration. Performance The general rule of performance defines that the performance must be strictly in accordance with the terms of the contract unless the parties have agreed otherwise. A promisor must be prepared to carry out his obligation at the time and place at which he has agreed to do so. Agreement A contract can be discharge by consent‚ under Section 63 and Section 64 of the Contracts Act 1950. Section 63 of the Contracts Act 1950 states ‘if the parties to a contract agree
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sem CONTENTS * ABSTRACT * INTRODUCTION * HISTORY * NATURE OF OBLIGATIONS * ESSENTIALS OF OBLIGATIONS * SOURCES OF OBLIGATIONS * SOLIDARY OBLIGATIONS * TYPES OF SOLIDARY OBLIGATIONS * CONCLUSION Introduction: The word ‘obligation’ is derived from the Latin "obligare" which comes from the root “lig" which suggests “being bound”‚ as one is to God; for instance in "re-ligio". Obligations did not originally form part of Roman law‚ which mostly concerned issues of
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Comprehensive Reviewer On Obligations And Contracts Bryan D. Bohol 2AAC Obligations CHAPTER 1 Article 1156. An obligation is a juridical necessity to give‚ to do or not to do. Comment: (1) Elements of a obligation (a) Active subject (oblige or creditor) – person who has the right in the fulfillment of the obligation.(Paras‚ Civil Code) (b) Passive subject (obligor or debtor) – person who has the duty or obligation to do‚ to give or not to
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CHAPTER 2 NATURE AND EFFECT OF OBLIGATIONS Art. 1163. Every person obliged to give something is also obliged to take care of it with the proper diligence of a good father of a family‚ unless the law or the stipulation of the parties requires another standard of care. (1094a) Art. 1164. The creditor has a right to the fruits of the thing from the time the obligation to deliver it arises. However‚ he shall acquire no real right over it until the same has been delivered to him. (1095)
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AUF School of Law Obligations and Contract BOOK IV OBLIGATIONS and CONTRACTS TITLE I – OBLIGATIONS interest be specified in writing. (Art. 2134‚ CC) ---Donation of immovable property be made in a public document and the acceptance be made in the same document or separate public document (Art. 749‚ CC) ---contribution of immovable property or real rights to common fund (partnership) must be in a public instrument with attached inventory signed by the parties. (Art. 1771‚ 1773
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Chapter 1 Obligation – it is a tie or bond recognized by law by virtue of which one is bound in favour of another to render something. Juridical necessity – in case of non-compliance‚ the courts of justice may be called upon by the aggrieved party to enforce its fulfilment or‚ in default thereof‚ the economic value that it represents. Civil obligations – are obligations which give to the creditor or obligee a right under the law to enforce their performance in courts of justice. Natural obligations
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Alternative Obligation An alternative obligation is one where out of two or more prestations which may be given or performed; only one is due and the complete performance of one of them extinguishes the obligation. The Obligee or creditor cannot be compelled to receive part of one and part of the other undertaking or prestation (Article 1199‚ Civil Code) . For example‚ A agrees to give B‚ upon a sufficient consideration‚ a horse‚ or one hundred dollars. Usually‚ when an obligation is alternative
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Modes of Extinguishment of Obligations Payment or performance Loss of the thing due Condonation or remission of debt Confusion or merger of rights Compensation Novation Annulment Rescission Fulfillment of resolutory condition Payment / Performance delivery of money and performance‚ in any other manner of the obligation Requisites for Valid Payment / Performance With respect to the prestation Identity Integrity or completeness Indivisibility Requisites for Valid Payment With respect
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perishes] Duties of debtor in obligation to give a determinate thing 1. preserve the thing a. diligence of a good father or family b. another standard of care c. factors to be considered [force majeure: fortuitous events] d. reason for debtor’s obligation 2. deliver the fruits of the thing 3. deliver the accession and accessories 4. deliver the thing itself 5. answer for damages in case of non-fulfillment or breac Duties of obligation to deliver a generic thing:
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of sale. ICC official rules for the interpretation of the trade terms INCOTERNS 1936 is first published by ICC‚ amendments and additions were made in 1953‚ 1967‚ 1976‚ 1980 ‚ 1990‚ 2000 and 2010. I. PURPOSE OF INCOTERMS Determining obligations of the seller and buyer : Costs and expenses Risks for the transportation of goods from the seller’s premises to the buyer’s place Setting up exporting price for term of sale. Eliminating uncertainties and different interpretations of
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