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1233 a debtuncompressed decompressor shall not bea

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Unformatted text preview: to the obligation WHERE PAYMENT SHOULD BE MADE 1. In the place designated in the obligation 2. 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 3. In other case – in the place of the domicile of the debtor • Time of payment - time stipulated • Effect of payment – extinguish obligation Except: order to retain debt SUBSTANTIAL PERFORMANCE QuickTime™ and Art. 1233. A debt(Uncompressed) decompressor shall not bea understood to have TIFF needed to see or service in which the been paid unlessarethe thingthis picture. obligation consists has been completely delivered or rendered, as the case may be. (1157) Art. 1234. If the obligation has been substantially performed in good faith, the obligor may recover as though there had been a strict and complete fulfillment, less damages suffered by the obligee. (n) EFFECT OF SUBSTANTIAL PERFORMANCE IN GOOD FAITH • Obligor may recover as though there has been strict and complete fulfillment, less damages suffered by the oblige • Right to rescind cannot be used for slight breach SPECIAL RULES/FORMS OF PAYMENT 1. APPLICATION OF PAYMENTS – the designation of the debt which payment shall be made, out of 2 or more debts owing the same creditor: stipulation or application of party given benefit of period – OK; to be valid: must be debtor’s choice or w/ consent of debtor REQUISITES FOR THE APPLICATION OF PAYMENT: a. Various debts of the same kind b. Same debtor c. Same creditor d. All debts must be due • EXCEPTION: there may be application of payment even if all debts are not yet due if: a. Parties so stipulate b. When application of payment is made by the party for whose benefit the term has been constituted c. Payment is not enough to extinguish all debts HOW APPLICATION IS MADE: a. Debtor makes the designation b. If not, creditor makes it by so stating in the receipt that he issues – unless there is cause for invalidating the c...
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This document was uploaded on 02/18/2014 for the course ACC 2001 at Alabama Christian Academy.

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