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OBLICON

Module 4

QuestionAnswer
Juridical necessity to give, to do or not to do Obligation
Refers to the enforceability of an obligation by law, meaning a failure to fulfill it can lead to legal consequences, such as liability for damages Juridical necessity
It is legally binding and non-fulfillment allows the creditor to seek legal remedy Obligation (key concept)
Creditor or obligee (who expects payment) Active subject
Debtor or obligor Passive subject
The object of the obligation (Php 10,000) Prestation
Legal bond between parties (agreement or law binding A to pay B) Juridical tie
Kinds of Obligations -Real (to give) -Personal (to do or not to do) As to subject matter
Kinds of Obligations -Positive (to give/do) -Negative (not to do) As to performance
Kinds of Obligations -Pure (obligations without condition or period) -Conditional (A will give B money if B passes the exam) -Within a period (payable on Dec 25) As to demandability
Kinds of Obligations -Joint (A and B owe C money) -Solidary (A and B owe C money; C may demand either from A or B) -Divisible or Indivisible (delivery of 100 sacks of rice) -Reciprocal (Performance by one party is dependent on performance of the other Others
Extinguishment of Obligations -Payment or performance -Loss of the thing due -Condonation or remission -Confusion or merger -Compensation -Novation -Others: annulment, rescission
Meeting of minds between two persons whereby one binds himself to give something or to render some service Contracts
Nature of contracts Source of obligation
Requisites of a contract -Consent of the contracting parties -Object certain which is the subject matter -Cause of obligation -Additional: must not be contrary to law, morals, good customs, public order or public policy
Defective contracts -Rescissible -Voidable -Unenforceable -Void/Inexistent
Contract that is valid and binding unless annulled by a party who has a right to do so Voidable contract
Grounds of Voidable Contracts 1. Lack of legal capacity of one party 2. Vitiated consent due to mistake, violence, intimidation, undue influence, fraud
Who may bring an action for voidable contracts Party whose consent was vitiated, or their legal representative
Effect if not annulled (for voidable contracts) The contract remains valid and can be ratified, meaning it can be confirmed and made fully effective
Time to file annulment (voidable contracts) 4 years from the time the defect ceases
Valid contract that can be rescinded because it causes damage or prejudice either to one of the parties or to third persons like creditors Rescissible contract
Grounds for Rescissible Contracts 1. Entered into by guardians that cause loss to the ward 2. Agreed upon in fraud of creditors 3. Entered into at the expense of another person without their knowledge or consent
Who may bring an action for rescissible contracts Third persons who suffer prejudice or damage like creditors or the ward
Effect if not rescinded (for rescissible contracts) The contract remains valid. It cannot be ratified, but can be rescinded to prevent further damage
Time to file rescission for rescissible contracts 4 years from the time the rescission could have been demanded (often from the time damage is known)
Validity: until annulled Grounds: vitiated consent or incapacity Who can sue: deceived or intimidated Subject to ratification: yes Time limit: 4 years from defect ceasing Voidable contracts
Validity: until rescinded Grounds: damage or prejudice either to one party or third persons Who can sue: creditors Subject to ratification: no Time limit: 4 years from knowledge of damage Rescissible contracts
Created by: user-1939948
 

 



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