Chapter 4 Flashcards
Modes of Extinguishment of Obligations:
- Payment or Performance
- Loss of the Thing Due
- Remission
- Confusion or Merger
- Compensation
- Novation
______________ means not only the delivery of money but also the performance, in any other
manner, of an obligation.
Payment
General Rule: A third person _________ the creditor to accept payment or
performance of an obligation.
cannot compel
The exceptions of the general rule for payment are:
- When it is made by a third person who has interest in the fulfillment of the obligation.
- When there is stipulation to the contrary.
____________ is the designation of the debt to which the payment must be applied
when the debtors have several obligations of the same kind in favor of the same creditor
Application of Payment
four essential requisites of application of payment
- There must be only one debtor and only one creditor;
- There must be 2 or more debts of the same kind;
- All of the debts must be due; and
- The amount paid by the debtor must not be sufficient to cover the total amount of all
the debts.
Dation in payment (dacion en pago), whereby property is alienated to the creditor in
satisfaction of a debt in money shall be govern by ___________
law on sales
is a special form of payment whereby the debtor abandons all of
his property for the benefit of his creditors in order that from the proceeds thereof the latter may
obtain payment of their credits.
cession or assignment
essential requisites of cession
- plurality of debts;
- partial or relative insolvency of the debtor; and
- Acceptance by the creditors.
Kinds of payment by cession:
contractual and judicial
_______________ consists in the manifestation made by the debtor to the creditor of his
decision to comply immediately with his obligation.
Tender of payment
_______________ refers to the deposit of the
object of the obligation in a competent court in accordance with the rules prescribed by law after
refusal or inability of the creditor to accept the tender of payment.
consignation
tender of payment is _____________ since it is the
antecedent of consignation.
Preparatory act
consignation is _____________ which produce the
effects of payment.
principal act
It is extra-judicial in nature
tender of payment
Consignation is ________ in nature.
judicial
______________ means that the thing which constitutes the object of the obligation
perishes, or goes out of the commerce of man, or disappears in such a way that its existence is
unknown or it cannot be recovered.
loss of the thing due
He defined loss of the thing due as the impossibility of compliance with the obligation through
any cause
Sanchez Roman
