Parties may freely enter into any stipulations provided they are not contrary to law‚ morals‚ good customs‚ public order or public policy CHAPTER 1. – GENERAL PROVISIONS See Arts. 1156 - 1162 ELEMENTS OF AN OBLIGATION: 1. Active subject (obligee/creditor): one in whose favor the obligation is constituted 2. Passive subject (obligor/debtor): one who has the duty of giving‚ doing or not doing 3. Object: prestation; the conduct which has to be observed by the debtor/obligor REQUISITES 1. it must be
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markets in Asia‚ including Hong Kong and China. They would make more revenue if they leave Argentina and stay in Asia. Yes 3: Argentina was burdened by its huge debt to private creditors and the IMF. Though they paid off the $9.8 billion they still have several other debts including $9 billion owed to the Paris Club of creditor nations. Argentina has a lot of debt; that should be a sign for HSBC to move out of Argentina. No 1: HSBC reported that a strong rebound in industrial production and increased
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money or its equivalent in specific property or services‚ or b. doing a certain act or not doing a certain act. How payment is made a. The thing or service contemplated must be delivered or rendered. 1. The debtor of the thing cannot compel the creditor to accept a different one although the latter maybe of the same value as‚ or more valuable than that which is due. 2. In obligations to do or not to do‚ an act or forbearance cannot be substituted by another act or forbearance against the obligee’s
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place of the debtor * by subrogating a third person in the rights of the creditor (Subrogate - Take over a legal claim or right against a third party from another party who previously owned that right or claim) Art. 1291 Obligations may be modified by: (1) Changing their object or principal conditions; (2) Substituting the person of the debtor; (3) Subrogating a third person in the rights of the creditor. (1203) COMPENSATION (Article 1278) * the extinguishment to the concurrent
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crisis is the most dangerous and a serious disadvantage for a company‚ in such situations companies normally will use this provision to escape and avoid liabilities against their creditors. This section allows the company to make arrangement and reconstruction where they can negotiate with the other parties such as creditors regarding the debt they owe. Section 176(5) of CA‚ must be read together with section 176 (3) of CA‚ where this section stress that the order made under subsection (3) is not valid
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business day) The burden of proving that the obligation has been extinguished by payment devolves upon the debtor who offers such a defense to the claim of the plaintiff creditor The issuance of a receipt is a consequence of usage and good faith which must be observed (although our Code has no provision on this) and the refusal of the creditor to issue a receipt without just cause is a ground for consignation under Art 1256 ( if a receipt has been issued by payee‚ the testimony alone of payer would be insufficient
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Condonation or remission of the debt 4. Confusion or merger of rights of creditor and debtor 5. Compensation 6. Novation I - PAYMENT OR PERFORMANCE PAYMENT means not only the delivery of money but also the performance‚ in any other manner of an obligation. How must the payment be made? 1. There must be delivery of the thing or rendition of the service that was contemplated. a. The debtor of a thing cannot compel the creditor to accept a different one although the latter may be of the same value
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customer with a bank and this contract remains valid till the customer operates his account as per the terms and conditions agreed between them. 2. Debtor and Creditor Relationship: When a customer opens an account with a bank and maintains a credit balance‚ the banker assumes the position of a debtor and the customers assumes the role of a creditor. Money deposited with the bank becomes a debt due from him to the customer. The banker can use the money deposited with him by the customers in any manner
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Features of Murabahah Financing 1. Murabahah is not a loan given on interest. It is the sale of a commodity for a deferred price which includes an agreed profit added to the cost. 2. Being a sale‚ and not a loan‚ the murabahah should fulfil all the conditions necessary for a valid sale‚ especially those enumerated earlier in this chapter. 3. Murabahah cannot be used as a mode of financing except where the client needs funds to actually purchase some commodities. For example‚ if he wants funds
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information about the creditor‚ important dates‚ status of the accounts‚ and contact information that is very crucial in getting in touch with collection agencies and businesses. The next step I would take is to contact each creditor‚ ranging from oldest to most recent‚ and set up a payment arrangement. Creditors are usually tactful about setting up payment arrangements so that the customer is not required to pay the balance in full. One thing to take into consideration is that creditors‚ in most cases
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