Chapter 1 - General Provisions Flashcards
In Latin word “obligatio” - tying or binding.
Tie or bond recognized by law by virtue of which one is bound in favor of another to render something – giving a thing, doing a certain act, or not doing a certain act.
Obligation
Juridical tie; connotes that in case of noncompliance, there will be legal sanctions.
Juridical Necessity
The sum of money as compensation for the harm suffered by the CREDITOR OR OBLIGEE for the violation of his rights.
Damages
_______ is the compensation while the ______ is the harm done to a party.
Damages ; Damage
Obligation which give to the Creditor or Obligee a right under the law to enforce their performance in courts of justice.
CIVIL OBLIGATION
Obligation not being based on positive law but on equity and natural law, do not grant a right of action to enforce their performance.
NATURAL OBLIGATION
Who is bound to the fulfillment of the obligation; he who has a duty.
Passive Subject / Debtor / Obligor
Who is entitled to demand the fulfillment of the obligation; he who has a right.
Active Subject / Creditor / Obligee
The conduct required to be observed by the debtor.
Object or Prestation / Subject Matter of the Obligation
Which binds or connects the parties. Knowing the source of the obligation.
Juridical or Legal Tie / Efficient Cause
6 years
Oral
10 years
Writing
It is an act or performance which the law will enforce.
Obligation
The power which a person under the law, to demand from another any prestation.
Right
It is act or omission of one part in violation of the legal right.
Injury, wrongful violation of the legal right.
Wrong (cause of action)
Right in favor of a CREDITOR
Legal Right