Obligations+and+Contracts.printable

If the generic thing is delimited b if the generic

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Unformatted text preview: the time it is due c. Refuses to issue receipt w/o just cause d. 2 or more creditor claiming the same right to collect e. Title of obligation has been lost 5. LOSS OF THE THING DUE LOSS OF THE THING DUE – partial or total/ includes impossibility of performance a. Debtor is at fault 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 OBLIGATION TO DELIVER A GENERIC THING • GENERAL RULE: Not extinguished • EXCEPTIONS: a. If the generic thing is delimited b. If the generic thing has already been segregated c. Monetary obligation OBLIGATION TO DO • GENERAL RULE: Debtor is released when prestation becomes legally or physically impossible without fault on part of debtor EFFECT OF PARTIAL LOSS a. When loss is significant – may be enough to extinguish obligation b. When loss insignificant – not enough to extinguish obligation NOTE: judicial determination of extent is necessary WHEN THING IS LOST IN THE POSSESSION OF THE DEBTOR • Presumption: Loss due to debtor’s fault (disputable) • Exception: natural calamity, earthquake, flood, storm 5. REBUS SIC STANTIBUS WHEN IS THERE A LOSS a. When the object perishes (physically) b. When it goes out of commerce c. When it disappears in such a way that: its existence is unknown or it cannot be recovered REBUS SIC STANTIBUS - agreement is valid only if the same conditions prevailing at time of contracting continue to exist at the time of performance; Obligor may be released in whole or in part based on this ground. WHEN IS THERE IMPOSSIBILITY OF PERFORMANCE: a. Physical impossibility b. Legal impossibility and a QuickTime™ TIFF (Uncompressed) decompressor i. Directlyneeded to see this picture.when prohibited by are – caused as law ii. Indirectly – caused as when debtor is required to enter a military draft REQUISITES a. The event or change could not have been foreseen at the time of the executi...
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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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