Clipping is a handy way to collect important slides you want to go back to later. 1399. m fdx The obligation under the note is extinguished only up to P 10,000. c. The obligation under the note is extinguished only up to P 20,000.00 d. OF CREDIT SHALL RELEASE DEBTOR, Requisites: Effect of payment – extinguish obligation, Effect of Substantial performance in good faith. Waiver for future negligence may be allowed in certain cases:a)     gross – can never be excused in advance; against public  policy, w/ fault or at expense of obligor/ usufructuary, a)    Various things are due but the giving principally of one is sufficient, a) Only one thing is due but a substitute may be given to render payment/fulfillment easy, b)    If one of prestations is illegal, others may be valid but obligation remains, b) If principal obligations is void and there is no necessity of giving the substitute;  nullity of P carries with it nullity of S, c) If it is impossible to give all except one, the last one must still be given, c)    If it is impossible to give the principal, the substitute does not have to be given; if it is impossible to give the substitute, the principal must still be given, d)  Right to choose may be given either to debtor or creditor, d) The right of choice is given only to the debtor, b. accessory – principal still outstanding, c. accessory oblig. OBLIGATIONS AND CONTRACTS TITLE 1 - OBLIGATION. Study Unit 4: The obligations of the lessor 14. 3. Exclusive – takes place of damage, damage can only be demanded in the ff. TTh 17:00 - 18:30 An obligation is a juridical necessity provided they are not contrary to law, morals, to give, to do or not to do. warranty against eviction and warranty against hidden defects in a contract … (1091a) Art. Consignation w/o prior tender – allowed in: 2.LOSS OF THE THING DUE – partial or total/ includes impossibility of performance, 1)    When the object perishes (physically), 3)    When it disappears in such a way that: its existence is unknown or it cannot be recovered, WHEN IS THERE IMPOSSIBILITY OF PERFORMANCE, (a)  Directly – caused as when prohibited by law, (b)  Indirectly – caused as when debtor is required to enter a military draft, b)    Debtor is made liable for fortuitous event because of a provision of law, contractual stipulation or the nature of the obligation requires assumption of risk on part of debtor, a)    if the generic thing is delimited, b)    if the generic thing has already been segregated, General Rule: Debtor is released when prestation becomes legally or physically impossible without fault on part of debtor, EFFECT OF PARTIAL LOSS – ( judicial determination of extent is necessary), a)    when loss is significant – may be enough to extinguish obligation, b)    when loss insignificant – not enough to extinguish obligation, WHEN THING IS LOST IN THE POSSESSION OF THE DEBTOR, Presumption: Loss due to debtor’s fault ( disputable ), Exception: natural calamity, earthquake, flood, storm, 3.   REBUS SIC STANTIBUS –  agreement is valid only if the same conditions prevailing at time of contracting continue to exist at the time of performance, EFFECT OF DIFFICULTY BEYOND PARTIES’ CONTEMPLATION, Rule: Obligor may be released in whole or in part, (b)  The performance is extremely difficult, but not impossible (because if it is impossible, it is extinguished by impossibility), (c)  The event was not due to the act of any of the parties, (d)  The contract is for a future prestation, 4. 1160. BENJAMIN R. REONAL, COLLEGE OF BUSINESS ADMINISTRATIONUniversity of the East -ManilaGeneral ProvisionsArticle 1156 –An obligation is a juridical necessity to give, … Contracts entered into by persons exercising fiduciary capacity, (a)  Entered into by guardian whenever ward suffers damage by more than 1/4 of value of object, (b)  Agreed upon in representation of absentees, if absentee suffers lesion by more than ¼ of value of property, (c)  Contracts where rescission is based on fraud committed on creditor (accion pauliana), (d)  Objects of litigation; contract entered into by defendant w/o knowledge or approval of litigants or judicial authority, (e)  Payment by an insolvent – on debts w/c are not yet due; prejudices claim of others, (f)   Provided for by law – art 1526, 1534, 1538, 1539, 1542, 1556, 1560, 1567 and 1659, ii.Under art 1382 – Payments made in a state of insolvency, b.   Plaintiff has no other means to obtain reparation, OBLIGATION CREATED BY THE RESCISSION OF THE CONTRACT: Mutual Restitution, (2)  insane unless acted in lucid interval, (3)  deaf mute who can’t read or write, (4)  persons specially disqualified: civil interdiction, (1)  mistake – false belief into something, (2)  violence – serious or irresistible force is employed to wrest consent, (3)  intimidation – one party is compelled by a reasonable & well-grounded fear of an imminent & grave danger upon person & property of himself, spouse, ascendants or descendants (moral coercion), (4)  undue influence – person takes improper advantage of his power over will of another depriving latter of reasonable freedom of choice, (5)  fraud – thru insidious words or machinations of contracting parties, other is induced to enter into contract w/o w/c he will not enter (dolo causante). Instances where law imposes solidary obligation: d.   no reimbursement if payment is made after prescription or became illegal. 1170, NCC, the phrase "in any manner contravene the tenor" of the obligation includes any illicit act which impairs the strict and faithful fulfillment of the obligation, or … Obligations Undue influence ANNULS obligation although it is DONE by 3 rd person not part of contract. ( Log Out /  extinguishment of principal carries accessory, except: if old obligation has condition, must be compatible with the new obligation; if new is w/o condition – deemed attached to new, substituting person of debtor ( passive ), conventional- agreement & consent of all parties; clearly established. Remedies of Person in fraud under obligations are: b)    Diligence required – per nature of obligation, circumstances of persons, time and place, b)     simple – may be excused in certain cases, Mora accepiendi – default on part of creditor; Creditor is guilty of default when he unjustifiably refuses to accept payment or performance at the time payment/performance can be done, (1)  responsibility of debtor is reduced to fraud and gross negligence, (2)  debtor is exempted from risk of loss of thing / creditor bears risk of loss, (3)  expenses by debtor for preservation of thing after delay is chargeable to creditor, (4)  if obligation bears interest, debtor does not have to pay from time of delay, (6)  debtor may relieve himself of obligation by consigning the thing, Compensatio morae – both parties are in default (in reciprocal obligations); the effect: is as if there is no default, a)    when expressly declared by law ( bad faith, subject matter is generic, debtor is in delay ), b)    when expressly declared by stipulation or contract, c)    when nature of obligation requires assumption of risk. Art. Obligations and Contracts: Essential Notes 1 2. Finished Checking Final Exam Papers. Note: Ang Yu v. CA (1994) states that a unilateral promise to buy or sell, if not supported by a distinct consideration, may be withdrawn but may not be done whimsically or arbitrarily; the right of the grantee here is damages and not specific performance; Equatorial v. Mayfair(264 SCRA 483) held that an option clause in order to be valid and enforceable must indicate the definite price at which the person granting the option is willing to sell, contract can be enforced and not only damages; Paranaque Kings V CA (1997) states that right of first refusal may be enforced by specific performance. Obligations arising from contracts have the force of law between the contracting parties and should be complied with in good faith. Download. SPECIAL RULES/FORMS OF PAYMENT – Special Forms: Requisites for the Application of payment: Exception: there may be application of payment even if all debts are not yet due if: b)    when application of payment is made by the party for whose benefit the term has been constituted, a)    Debtor without protest accepts receipt in which creditor specified expressly and unmistakably the obligation to which such payment was to be applied – debtor in this case renounced the right of choice, b)    When monthly statements were made by the bank specifying the application and the debtor signed said statements approving the status of her account as thus sent to her monthly by the bank, 1)    If creditor consents, for a sale presupposes the consent of both parties, 2)    If dacion will not prejudice the other creditors, 3)    If debtor is not judicially declared insolvent, c)    Complete or partial insolvency of debtor, d)    Abandonment of all debtor’s property not exempt from execution, e)    Acceptance or consent on the part of the creditors, a)    Creditors do not become the owner; they are merely assignees with authority to sell, b)    Debtor is released up to the amount of the net proceeds of the sale, unless there is a stipulation to the contrary, c)    Creditors will collect credits in the order of preference agreed upon, or in default of agreement, in the order ordinarily established by law, Tender -the act of offering the creditor what is due him together with a demand that the creditor accept the same (When creditor refuses w/o just cause to accept payment, he becomes in mora accepiendi & debtor is released from responsibility if he consigns the thing or sum due), Consignation – the act of depositing the thing due with the court or judicial authorities whenever the creditor cannot accept or refuses to accept payment; generally requires prior tender of payment, (2)  Consignation was made because of some legal cause – previous valid tender was unjustly refused or circumstances making previous tender exempt, (3)  Prior Notice of Consignation had been given to the person interested in performance of obligation (1st notice), (4)  actual deposit/Consignation with proper judicial authorities, (5)  subsequent  notice of Consignation (2nd notice), (1)  Debtor may ask judge to order cancellation of obligation, (3)  Before creditor accepts or before judge declares consignation has been properly made, obligation remains ( debtor bears risk of loss at the meantime, after acceptance by creditor or after judge declares that consignation has been properly made – risk of loss is shifted to creditor). Click here to … ...The Law of obligations and contracts is a the body of rules which deals with the nature and sources of obligations and the rights and duties arising from agreements and the particular contracts.Obligation latin word obligation meaning tying or binding; Juridical necessity to give to do or not to do. Chapter 2: Essential Requisites of Contracts GENERAL PROVISIONS Section 3 - Cause of Contracts (Arts. OBLIGATION WITH A PENAL CLAUSE An obligation to which an accessory undertaking (penal clause/penalty) is attached for the purpose of insuring its performance by virtue of which the obligor is bound to pay a stipulated indemnity or perform a stipulated prestation in case of breach. There is subrogation except if the 3rd person intended it to be a donation, (c)  3rd person pays/performs with consent of creditor but not with debtor’s consent, the repayment is only to the extent that the payment has been beneficial to debtor, (a)  payee – creditor or obligee or successor in interest of transferee, or agent. What civil liability arising from a crime includes: a)    There must be fault or negligence attributable to the person charged, c)    There must be a direct relation of cause and effect between the fault or negligence on the one hand and the damage or injury on the other hand ( proximate cause ), a)    when there is no term/condition – from the perfection of the contract, b)    when there is a term/condition – from the moment the term or condition arises, a)    Conditional – from the moment the condition happens, b)    With a term/period – upon the expiration of the term/period, c)    Simple – from the perfection of the contract. Biology Mary Ann Clark, Jung Choi, Matthew Douglas. legal duty of contracting parties to fulfill the promises specified in their contracts 20a. College Physics Raymond A. Serway, Chris Vuille. (1091a) Art. 3. cause of the obligation which must be established (Art. Domingo, Dennimar O. (n) Art. Grade Sheets were already done. If you continue browsing the site, you agree to the use of cookies on this website. Effect of loss or deterioration thru negligence, delay or fraud of obligor: a)    of thing intended as substitute  – no liability, b)    of the substitute after substitution is made – with liability, (5). Change ), You are commenting using your Facebook account. cases: penalty provided is iniquitous/unconscionable, With respect to parties – must be made by proper party to proper party, it must have redounded to the obligee’s benefit and only to the extent of such benefit, Incapacitated person kept the thing delivered, or, Insofar as the payment has been beneficial to him, By creditor’s conduct, debtor has been led to make the payment (estoppel), Payment by debtor must be made in good faith, Creditor must be in possession of the credit & not merely the evidence of indebtedness, With respect to time and place of payment – must be according to the obligation, In the place designated in the obligation, If there is no express stipulation and the undertaking is to deliver a specific thing – at the place where the thing might be at the moment the obligation was constituted, In other case – in the place of the domicile of the debtor, Attempt in Good Faith to perform without willful or intentional departure, Omission/Defect is technical or unimportant, Must not be so material that intention of parties is not attained, Obligor may recover as though there has been strict and complete fulfillment, less damages suffered by the obligee, Right to rescind cannot be used for slight breach, Payment is not enough to extinguish all debts, If not, creditor makes it by so stating in the receipt that he issues – unless there is cause for invalidating the contract, If neither the debtor nor creditor has made the application or if the application is not valid, then application, is made by operation of law, If debts are of the same nature and burden, application shall be made to all proportionately, creditor absent or unknown/ does not appear at the place of payment, incapacitated to receive payment at the time it is due, 2 or more creditor claiming the same right to collect, There must be a subject matter (object of the remission, otherwise there would be nothing to condone), Cause of consideration must be liberality (Essentially gratuitous, an act of liberality ), Parties must be capacitated and must consent; requires acceptance  by obligor; implied in  mortis causa & expressed inter vivos, Formalities of a donation are required in the case of an express remission, Revocable – subject to rule on inofficious donation ( excessive, legitime is impaired ) & ingratitude & condition not followed, Obligation remitted must have been demandable at the time of remission, Waivers or remission are not to be presumed generally, voluntary delivery – presumption; when evidence of indebtedness is w/ debtor – presumed voluntarily delivery by creditor; rebuttable, effect of delivery of evidence of indebtedness is conclusion that debt is condoned – already conclusion; voluntary delivery of private document, if in hands of joint debtor – only his share is condoned, if in hands of solidary debtor  – whole debt is condoned, It must take place between principal debtor & principal creditor only, The obligation involved must be same & identical – one obligation only, Revocable, if reason for confusion ceases, the obligation is revived, Both parties must be mutually creditors and debtors – in their own right and as principals, Both debts must consist in sum of money or if consumable , of the same kind or quality, Both debts are liquidated & demandable (determined), Neither debt must be retained in a controversy commenced by 3, legal – by operation of law; as long as 5 requisites concur- even if unknown to parties & if payable in diff places; indemnity for expense of exchanges; even if not equal debts – only up to concurring amount, conventional – agreement of parties is enough, forget other requirement as long as both consented, facultative – one party has choice of claiming/opposing – one who has benefit of period may choose to compensate, judicial – set off; upon order of the court; needs pleading & proof; all requirements must concur except liquidation, total – when 2 debts are of the same amount, partial – when 2 debts are not of the same amount, with consent of debtor – debtor is estopped unless he reserves his right & gave notice to assignee, with knowledge but w/o consent of debtor – compensation may be set up as to debts maturing prior to assignment, w/o knowledge – compensation may be set-up on all debts prior to his knowledge, intent to extinguish old obligation – expressed or implied: completely/substantially incompatible old and new obligation on every point, capacity & consent of parties to the new obligation. If there is performance in either part and there is acceptance of performance, it takes it out of unenforceable contracts; also estoppel sets in by accepting performance, the defect is waived, It produces no effect whatsoever either against or in favor of anyone, There is no action for annulment necessary as such is ipso jure. Notes, Obligations and Contracts for Baccalaureate Course. Facultative – only one prestation has been agreed upon but another may be given in substitution. … A contract is a meeting of minds between two persons whereby one binds himself, with respect to the other, to give something or to render some service. Change ), You are commenting using your Google account. Obligations and Contracts, 2000 ed, p. 50) Note: Under Art. Obligations arising from contracts have the force of law between the contracting parties and should be complied with in good faith. Obligations derived from quasi-contracts shall be subject to the provisions of Chapter 1, Title XVII, of this Book. UST Golden Notes in Obligations and Contract 2011. (1091a) Contract- meeting of the minds between two persons whereby one binds himself, with respect to the other, to give something or to render some service. (1304) Art. Looks like you’ve clipped this slide to already. (1091a) Contract-meeting of minds between two persons whereby one binds himself, with respect to the other, to give something or to render some service. 1156. NO examples or woder understandings for each article. Parties may freely enter into any stipulations, provided they are not contrary to law, morals, good customs, public order or public policy. Of pledge – condoned; presumption only, rebuttable, 2. needs consent of creditor– express or implied, 3.  2 obligations; 1 is extinguished & new one created, VOIDABLE – party must prove that cause is untruthful; presumption of validity but rebuttable, PRESUMED TO EXIST – burden of proof is on the person assailing its existence. By Standard Form Contract … Note: The SC in … Submitted to: Art. The book includes an introduction to law to provide readers a background on obligations and contracts and other business law courses A study guide is provided at the end of every chapter or section and is designed to, among other things, primarily test and further increase the understanding of the provisions of law by … You can change your ad preferences anytime. Set out the different obligations of the lessor 15. 3. PRESCRIPTION IN ACTION FOR ANNULMENT OF VOIDABLE CONTRACTS: 2 WAYS OF CURING UNENFORCEABLE CONTRACTS: 1)    Those lacking in essential elements: no consent, no object, no cause (inexistent ones) – essential formalities are not complied with ( ex: donation propter nuptias – should conform to formalities of a donation to be valid ), (a)  Those w/c are absolutely simulated or fictitious – no cause, (b)  Those which cause or object did not exist at the time of the transaction – no cause/object, (c)  Those whose object is outside the commerce of man – no object, (d)  Those w/c contemplate an impossible service – no object, (e)  Those w/c intention of parties relative to principal object of the contract cannot be ascertained, (f) Those expressly prohibited or declared void by law – Contracts w/c violate any legal provision, whether it amounts to a crime or not, 3)    Illegal/Illicit ones – Those whose cause, object or purpose is contrary to law, morals, good customs, public order or public policy ; Ex: Contract to sell marijuana, PARI DELICTO DOCTRINE –both parties are guilty, no action against each other; those who come in equity must come with clean hands; applies only to illegal contracts & not to inexistent contracts; does not apply when a superior public policy intervenes, a)    contract is for an illegal purpose, b)    contract must be repudiated by any of the parties  before purpose is accomplished or damage is caused to 3rd parties, c)    court believes that public interest will be served by allowing recovery (discretionary upon the court ) – based on remorse; illegality is accomplished when parties entered into contract; before it takes effect – party w/c is remorseful prevents it, a)    Consumer protection – if price of commodity is determined by statute, any person paying an amount in excess of the maximum price allowed may recover such excess, b)    Labor – if  law sets the minimum wage for laborers, any laborer who agreed to receive less may still be entitled to recover the deficiency; if law set max working hours & laborer who undertakes to work longer may demand additional compensation, c)    Interest paid in excess of the interest allowed by the usury law may be recovered by debtor with interest from date of payment, General Rule: parties should return to each other what they have given by virtue of the void contract in case where nullity arose from defect in essential elements. Lewis's … – from the time the obligation to deliver arises, if determinate thing – debtor bears risk of loss (even when there is fortuitous event), Causante ( causal ) – makes contract voidable, incidente – ( incidental ) – fraud in performance of obligation; does not affect validity of obligations, insist on specific performance (art 1233), The cause of the breach of the obligation must be independent of the will of the debtor, The event must be either unforeseeable or unavoidable, The event must be such as to render it impossible for the debtor to fulfill his obligation in a normal manner, The debtor must be free from any participation in, or aggravation of injury to the creditor, General Rule – no liability for fortuitous event, Exact performance – specific, substitute, equivalent, Attach and execute debtor’s property which is not exempt (art 2236), Creditor must have right of return against debtor, There is a failure of the debtor to collect his own debt from 3, The right of account is not purely personal, The debtor has performed an act subsequent to the contract, giving advantage to other persons, The creditor is prejudiced by the debtor’s act which are in favor of 3, Demandability – pure, conditional or with a term, Plurality of object – simple, alternative or facultative, Plurality of subject – simple, joint or solidary, Sanctions for breach – with or without a penal clause, no retroactivity with reference to fruits or interest & prescription, debtor – recovery of payment by mistake or even w/o mistake, There is an obligation to deliver a determinate thing, There is loss, deterioration or improvement before the happening of the condition, restore to each other what was received plus interest/fruits, insolvency of debtor, unless security provided, impaired security- thru fault or fortuitous event, violate undertaking in consideration of extension of period, Demand on one produces delay only with respect to the debt, Interruption in payment by one does not benefit or prejudice the other, Vices of one debtor to creditor has no effect on the others, Insolvency of one debtor does not affect other debtors, Death of 1 solidary creditor transmits share to heirs (but collectively), Each creditor represents the other in the act of recovery of payment, Credit is divided equally between creditors as among themselves, Debtor may pay any of the solidary creditors, Each debtor may be requested to pay whole obligation with right to recover from co-debtors, Interruption of prescription to one creditor affects all, Interest from delay on 1 debtor is borne by all, legal provisions regrading obligation of devisees and legatees, liability of principals, accomplices, and accessories of a felony, payment made before debt is due, no interest can be charged, otherwise – interest can be charged, insolvency of one – others are liable for share pro-rata, if different terms & conditions – collect only what is due, later on collect from any, remission made after payment is made – co-debtor still entitled to reimbursement, effect of insolvency or death of co-debtor – still liable for whole amount, fault of any debtor – every one is responsible – price, damage & interest, complete/ personal defense – total or partial ( up to amount of share only ) if not personal to him, if with fault – there is liability (also for damage and interest), loss due to fortuitous event after default – there is liability (because of default), nature of obligation – susceptible of partial fulfillment, Subsidiary – As a general rule, only penalty can be demanded, principal cannot be demanded, except: Penalty is joint or cumulative. Subsequently, in Braganza v Villa-Abrille, the dissent became the ruling. Obligations and Contract As to perfection and -Pure extinguishment-conditional-with term or period faith. Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. (art 1189), ii. Obligations derived from quasi-contracts shall be subject to the provisions of Chapter 1, Title XVII, of this Book. meaning of The contract note you receive is the combined contract note i.e it includes the details of trades taken for NSE & BSE equity and NSE futures and options and Currency segments. legal- takes place by operation of law; no need for consent; not presumed except as provided for in law: creditor pays another preferred creditor even w/o debtor’s knowledge, person interested in fulfillment of obligation pays debt even w/o knowledge of debtor, fulfill what has been expressly stipulated, all consequences w/c may be in keeping with good faith, usage & law, consensual – perfected by agreement of parties, real – perfected by delivery ( commodatum, pledge, deposit ), formal/solemn – perfected by conformity to essential formalities ( donation ), Remunerative – prestation is given for service previously rendered not as obligation, accessory – depends on another contract for its existence; may not exist on its own, Preparatory – not an end by itself; a means through which future contracts may be made, Unilateral – only one of the parties has an obligation, Bilateral – both parties are required to render reciprocal prestations, Conformity of manifestation and cognition, death, civil interdiction, insanity or insolvency of either party before acceptance is conveyed, express or implied revocation of the offer by the offeree, qualified or conditional acceptance of the offer, subject matter becomes illegal or impossible before acceptance is communicated, Illiterates/ deaf-mutes who do not know how to write, Art 1331 – person under mistake; mistake may deprive intelligence, Art 1338 – person induced by fraud (dolo causante), Upon reaching age of majority – they ratify the same, They were entered unto by a guardian and the court having jurisdiction had approved the same, They were contracts for necessities such as food, but here the persons who are bound to give them support should pay therefor, Minor is estopped for having misrepresented his age and misled the other party (when age is close to age of majority as in the Mercado v Espiritu & Sia Suan v Alcantara cases), deaf and dumb who are unable to read and write, those who by reason of age, disease, weak mind and other similar causes, cannot without outside aid, take care of themselves and manage their property, becoming an easy prey for deceit and exploitation, Such force is the determining cause for giving consent, Produces a well grounded fear that the person making it will carry it over, absolute – no intention to be bound at all, fictitious only – void from beginning. See Arts. Potestative – dependent on sole will of 1 party; if on part of debtor & suspensive – void, iv. Assignment A short summary of this paper. selections, but these notes came from different sources, from different authors of books, pamphlets, reviewers, codal provisions,etc. Download Full PDF Package. A judicial declaration to that effect is merely a declaration, It cannot be confirmed, ratified or cured, If performed, restoration is in order, except if pari delicto will apply, The right to set up the defense of nullity cannot be waived, Anyone may invoke the nullity of the contract whenever its juridical effects are asserted against him, No action for restitution on either side.  The law will leave you where you are, Thing/price to be confiscated in favor of government, Innocent party is entitled to restitution, Guilty party is not entitled to restitution, Instrument of crime will be confiscated in favor of govt, If purpose has not yet been accomplished & If damage has not been caused to any 3, Where laws are issued to protect certain sectors: consumer protection, labor, usury law, If one party is incapacitated, courts may allow recovery of money, property delivered by incapacitated person in the interest of justice; pari delicto cannot apply because an incapacitated person does not know what he is entering into; unable to understand the consequences of his own action, If agreement is not illegal per se but merely prohibited & prohibition is designated for the protection of the plaintiff – may recover what he has paid or delivered by virtue of public policy, incapacitated  – not obliged to return what he gave but may recover what he has given. 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