Oblicon ch4

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may consist not only the delivery of money but also the giving of a thing, the doing of an act, or not doing of an act.
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Terms in this set (96)
a sharp sudden increase of money or credit or both without a corresponding increase in business transactions.Inflationthe reduction in volume and circulation of the available money or credit, resulting in a decline of the general price level.Deflationplace where a court suit or action must be filed or instituted.venueperson's habitual residence, his true fixed permanent homedomicilean element of domicileresidencethe designation of tge debt to which should be applied the payment made by a debtor who has various debt of the same kind in favor of 1 and the same creditorApplication of paymentthe assignment or abondonment of all the properties of the debtor for the benefit of his creditors in order that the latter may sell same and apply the proceeds thereof to the satisfaction of their credit.Payment by cessionthe act on the part of the debtor, of offering to the creditor the thing or amount dueTender of Paymentact of depositing the thing or amount due with the proper court when the creditor does not desire or cannot receive it, after complying with the formalities required by law.Consignationwhen it perishes, or goes out of commerce or dissapears in such way that it's existence is unknown or it cannot be recoveredThing is lostGeneric never perishes.Genus nunquam peritwhen only a portion of thing is lost or destroyed or when it suffers depreciation or deteriorationpartial lossthe obligor dies or becomes physically incapacitated to perform the obligationPhysical Impossibilityoccurs when the obligation cannot be performed because it is rendered impossible by provision of lawLegal Impossibilityis the gratuitous abandonment by the creditor of his right against the debtor. a form of donationCondonation or remissioncovers the entire obligationcompletedoes not cover the entire obligationpartialmade either verbally or in writingexpresscan onlybbe inferred from conductimpliedwhen it will take effect during the lifetime of the donorinter vivoswhen it will become effective upon the death of the debtormortis causaif the debtbis not yet paid the creditor would need the document to enforce paymentPresumption of implied remissionpresumption if primafacie or rebuttable by contrary evidencecontrary evidenceif oblig. is joint the presumption refers only to share of the debtor who's in possession of the document.extent or remissionThe meeting in one person of the qualities of creditor and debtor with respect to the same obligationConfusion or mergerthe extinguishment to the concurrent amount of the debts of two persons who, in their own right are debtors and creditors of each other.compensationit provides a more convenient and less expensive effectuation of payments between 2 persons who are reciprocally creditors and debtorsSimplified paymentboth oblig. same amounts are entirely extinguishedTotal2 oblig. diff. amounts and a balance remainspartialtakes place by operation of law when without knowledge of the partieslegalit takes place by agreement of the partiesvoluntarytakes plabe by order from a court in a litigationjudicialset up only by one partiesfaculativethe conversion of an amount of money or currency of one country into an equivalent amount of money or currency of anotherforeign exchangethe price of one currency expressed or quoted in relation to another currencyexchange rategratuitous contract whereby one of the parties delivers to another something not consumable so the latter may use the same for a certain time and returncommodatumthe total or partial extinction of an obligation through the creation of a new one which substitutes it.Novationtakes place by operation of lawlegaltakes place by agreement of the partiesConventionaldeclared in unequivocal termsexpressold and new obligations are essentially incompatible with each otherimpliedold oblig. is completely extinguishedTotal or extinctiveold oblig. is merely modified, change is merely incidental to the main oblig.Partial or modificatorythe objective or principal conditions of the oblig. are changedreal or objectivethe person of the debtor is substituted and/or when a third person is subrogated in the rights of the creditorpersonal or subjectivecombination of real and psrsonal novationsmixedthe person of the debtor is substitutedsubstitutionthird subrogated in the rights of the creditorsubrogationtakes place when a third person of his own initiative and without the knowledge or against the will of the original debtor assumes the latter's obligation w/ the consent of the creditorexpromisiontakes place when the creditor accepts a third person take place of the debtor at the instance of the latterdelegacionsubstitution of one person in the place of a creditorsubrogationthe undertaking of one party is considered the equivalent of that of the othercommutativeit depends upon an uncertain event or contingency both as to benefit or lossaleatoryit creates an oblig. on the part of only one of the partiesunilateralit gives rise to reciprocal oblig. for both partiesbilateralhas not been fully performedExecutorycarried outexcutedit is entered into as a means to an endpreparatoryit is dependent upon another contract it serves or guarantees for its existence and validityAccesorydoes not depend for its existence and validity but is an indispensable condition for tge existence of an accessory contractprincipaleach part of the contract is dependent upon the other parts for satisfactory performanceindivisibleone part of the contract may be satisfactory performed independently of the other partsdivisiblethose that meet all the legal requirements and limitations for the type of agreement involved and are, therefore, legally binding and enforceablevalid contractscontract entered into must be in accordance with and not repugnant to an applicable satuteLawwill of the party prevails unless their contract contravenes the limitations of morals, good customs, public order or public policypolice powerdeals with norms of good and right conduct evolved in communityMoralsrefers principally to public safety although it has been considered to mean also the public wealpublic orderrefer not only to public safety but also considerations which are moved by common goodpublic policyhabits and practices that have been followed and enforced by societygood customshas a specific namen or designation in lawNominate Contracthas no specific name or designation in lawInnominate ContractI give that you may giveDo ut desI give that you may dodo ut faciasI do that you may givefacto ut desI do that you may dofacto ut faciasA stipulation in a contract clearly and deliberately conferring a favor upon a third person who is right to demand its fulfillment provided he communicates his acceptance to the obligor beforebits revocation by the obligee or the original partiesStipulation Pour AutriePerfected by mere consentConsensual Contractcontract which is perfected not merely by consent but by delivery, actual or constructive, of the object of the obligationReal Contractrequires compliance with certain formalities prescribed by law such prescribed from being thereby an essential element thereofSolemn contractincludes all the steps taken by the parties leading to the perfection of the contract. Parties have not yet arrived at any definite agreementpreparation or negotiationWhen there has been a meeting of minds with respect to subject matter and cause of the contractPerfection or birthThe extinction of the contract by the performance of the obligation created by it.Consummation or terminationpresumed to exist in a certain contract. A warrantynatural elementsparticular stipulations clauses terms or conditions established by the parties in their contractAccidental elementsa third-party beneficiary to a contract who receives a gift under the contractdone beneficiaryparty who is to receive payment out of a contract between his debtor and a third party (such as the debtor's employer) and who can sue to enforce the contractcredit beneficiary