Law on Obligation and Contracts

Topics: Law, Marketing, Common law Pages: 4 (1223 words) Published: June 30, 2013
The law of obligations is one of the component private law elements of the civil system of law. It includes contract law, delict law,quasi-contract law, and quasi-delict law. The law of obligations seeks to organize and regulate the voluntary and semi-voluntary legal relations available between moral and natural persons with respect to obligations under contracts, both innominate and nominate (for example: sales, gift, lease, carriage, mandate, association,deposit, loan, employment, insurance, gambling and arbitration) in unjust enrichment

management of the property of another (or "negotiorum gestio", the name taken from Roman Law) the reception of the thing not due
the various forms of extra-contractual responsibility between persons known as delicts and quasi-delicts, which are similar to tortand negligence, respectively, at common law. Despite the relatively distinct nature of these various sources of obligations, they are considered together under a law of obligations on the basis that all are instances where a debtor has a duty to execute a certain performance towards a creditor. he word originally derives from the Latin "obligare" which comes from the root "lig" which suggests being bound, as one is to God for instance in "re-ligio". This term first appears in Plautus' play Truculentus at line 214. Obligations did not originally form part of Roman Law, which mostly concerned issues of succession, property, and family relationships. It developed as a solution to a gap in the system, when one party committed a wrong against another party. these situations were originally governed by a basic customary law of revenge. This undesirable situation eventually developed into a system of liability where people were at first encouraged and then essentially forced to accept monetary compensation from the wrongdoer or their family instead of seeking vengeance. This signaled an important shift in the law away from vengeance and towards compensation. The state supported...
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