What Is A Thing Considered Lost?

What is Resolutory period?

“resolutory period” – period upon the arrival of which the obligation terminates Obligation with a Period.

“Obligations with a resolutory period take effect at once, but terminate upon arrival of the day certain.” – Article 1193, Civil Code Obligation with a Period..

What is alternative obligation?

An obligation is alternative when two things are equally due, under an alternative. Usually, when an obligation is alternative, the choice of the item of performance belongs to the obligor unless it has been expressly or impliedly granted to the oblige. …

What is meant by reciprocal obligation?

In law, a reciprocal obligation, also known as a reciprocal agreement is a duty owed by one individual to another and vice versa. It is a type of agreement that bears upon or binds two parties in an equal manner.

What is Solutio Indebiti in law?

INDEBITI SOLUTIO, civil law. The payment to one of what is not due to him. If the payment was made by mistake, the civilians recovered it back by an action called condictio indebiti; with us, such money may be recovered by an action of assumpsit.

If a person obliged to do something fails to do it, the same shall be executed at his cost. ARTICLE 1169. Those obliged to deliver or to do something incur in delay from the time the obligee judicially or extrajudicially demands from them the fulfillment of their obligation.

What are the kinds of loss in law?

Kinds of Loss Loss in civil law may be: 1) Physical loss – When it perishes (as when a house is burnt to ashes) 2) Legal loss – When it goes out of commerce (as when the object before is un-prohibited becomes prohibited) 3) Civil loss – When disappears in such a way that its existence is unknown (as when a particular …

Is death a fortuitous event?

Although death is inevitable, its timing is fortuitous. In this case, the death of one of the parties listed in the contract during the term of the agreement is a fortuitous event that is beyond the control of the insurer or the insured/beneficiaries.

What is generic thing in law?

In contrast, indeterminate or generic thing is the opposite of determinate or specific thing; that is, generic or indeterminate thing is not particularly designated or physically segregated from all others of the same class. It means that a thing cannot be specifically determined from things of the same class.

What is pure obligation?

A pure obligation is one that is demandable at once because it does not depend upon a future or uncertain event, not on a past event unknown to the parties and is not an obligation with a resolutory condition. A simple promissory note to pay certain amount within a certain period is an example of a pure obligation.

What is a thing in law?

Things, by the common law, are divided into: Things real, which are such as are permanent, fixed and immovable, and which cannot be carried from place to place; they are usually said to consist in lands, tenements and hereditaments.

What are the 3 types of damages?

The three types of damages that form the foundation of most civil lawsuits are compensatory, nominal, and punitive.

What is Resolutory condition?

RESOLUTORY CONDITION. On which has for its object, when accomplished, the revocation of the principal obligation; for example, I will sell you my crop of cotton, if my ship America does not arrive in the United States, within six months.

What is positive condition?

A positive condition in the law refers to an event that is to take place in order for a condition to be met, as opposed to the non-occurrrence of an event, which would be a negative condition. For example, “if I have children'” is a positive condition and “if I don’t have childen” is a negative condition.

What is the effect of loss of the thing object in a contract of sale?

Under the Civil Code: If at the time the contract of sale is perfected, the thing which is the object of the contract has been entirely lost, the contract shall be without any effect.

Which does not extinguish an obligation?

When by law or stipulation, the obligor is liable even for fortuitous events, the loss of the thing does not extinguish the obligation, and he shall be responsible for damages. The same rule applies when the nature of the obligation requires the assumption of risk.