Obligations+and+Contracts.printable

Suspensive ex die obligation becomes demandable on

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: ong parties 2. Court shall fix period of payment when parties unable to agree KINDS: 1. Resolutory ( in diem ) – demandable at once but terminates upon arrival of the day certain • Day certain – that which must necessarily come, although it may not be known when 2. Suspensive ( ex die ) –obligation becomes demandable on the day stipulated TERM Interval of time which is future and certain contrary When it is left exclusively to the will of the debtor, the existence of the obligation is affected CONDITION Fact or event which is future or uncertain or a past event unknown to the parties Future and uncertain fact or event which may or may not happen Time w/c must necessarily come although it may not be known when Q Time™ and aan Exerts Exerts an influence uicksed) decompressor influence upon TIFF (Uncompres are upon the time needed to the very existence of the of see this picture. demandability or obligation itself extinguishment of an obligation Does not have any Has retroactive effect retroactive effect unless there is an agreement to the WHEN COURTS MAY FIX PERIOD: 1. If the obligation does not fix a period, but from its nature and circumstances it can be inferred that a period was intended by the parties 2. If the duration of the period depends upon the will of the debtor 3. In case of reciprocal obligations, when there is a just cause for fixing a period 4. If the debtor binds himself when his means permit him to do so PERIOD FOR WHOSE BENEFIT • GENERAL RULE: When a period is designated for the performance or fulfillment of an obligation, it is presumed to have been established for the benefit of both creditor and debtor. • EXCEPTION: When it appears from the tenor of the obligation or other circumstances that the period has been established in favor of one or the other. PERIOD FOR THE BENEFIT OF THE CREDITOR • Creditor may demand the fulfillment of the obligation at any time but the debtor cannot compel him to accept before the expiration of the period PERIOD FOR THE BENEFIT OF THE DEBTOR • Debtor may oppose any premature demand of the creditor but he may renounce the benefit of the period by performing his obligation in advance (Manresa) WHEN DEBTOR LOSES RIGHT TO PERIOD: • Insolvency of debtor, unless security provided • Did not deliver security promised • Impaired security through his own acts or through for...
View Full Document

This document was uploaded on 02/18/2014 for the course ACC 2001 at Alabama Christian Academy.

Ask a homework question - tutors are online