STUDY UNIT 10 Flashcards
WHAT IS AN OBLIGATION?
an obligation is a legal bond between two or more persons.
All contractual obligations…
all contractual obligations give rise to personal rights and duties.
MORAL OBLIGATIONS:
Moral obligation is not regarded as a legal obligation and has no legal significance.
CIVIL OBLIGATION:
a civil obligation is a legal obligation that is enforceable by a right of action.
RECIPROCAL OBLIGATIONS:
reciprocal obligations create at least two obligations that are linked, in that one performance is owed in exchange for the other.
SIMPLE OBLIGATION:
is where parties conclude a contract and specify the exact performance to be made.
ALTERNATIVE OBLIGATION:
is where parties agree that someone can choose a performance from two or more specified alternatives.
GENERIC OBLIGATION:
is one that allows a party to choose performance from a specified genus.
FACULTATIVE OBLIGATION:
specifies the performance owed by the debtor but gives him the right to choose to make a different specified performance.
WHAT ARE TERMS?
terms are stipulations that parties include in their contracts and provisions that by operation of law that are included in contracts.
ESSENTIALIA:
are the distinctive terms used to identify or classify a contract as one of the specific contracts recognized by our common law.
NATURALIA:
are terms automatically included in any contract belonging to one of the classes of specific contracts traditionally recognized by our law.
INCIDENTALIA:
are the additional terms agreed upon by the parties that supplement or modify the rights and duties incorporated by law into the particular contract in question
EXPRESS TERMS:
are terms specifically agreed upon by parties and are either articulated in an oral contract or written down.
