What is an obligation with period?

What is an obligation with period?

Obligation with a Period or Term. It consists in a space or length of time upon the arrival of which, the demandability or extinguishment of an obligation is determined. Effect of Term or Period. – obligations with a term or period are demandable only when the day fixed for their performance arrives.

What is an obligation with a period example?

Meaning of an obligation with a period . – It is an obligation the performance of which depends upon the arrival of a period or term. (Article 1193 ) Example : I will give you P100,000 on June 30, 2013 .

When a period is designated in an obligation?

“Whenever in an obligation a period is designated, it is presumed to have been established for the benefit of both the creditor and the debtor, unless from the tenor of the same or other circumstances it should appear that the period has been established in favor of one or of the other.”

Who benefits in an obligation with a period?

General Rule: When a period has been agreed upon for the performance or fulfillment of an obligation, it is presumed to have been established for the benefit of both the creditor and the debtor.

When can the court fix the period?

If the obligation does not fix a period, but from its nature and the circumstances it can be inferred that a period was intended, the courts may fix the duration thereof. The courts shall also fix the duration of the period when it depends upon the will of the debtor.

What is facultative obligation example?

A facultative obligation refers to only one prestation agreed upon, but the obligor may render another in substitution. For example, I will give you my phone but I may give you my laptop as a substitute. In this obligation, only the phone is due, Hence, the lost of the laptop will not render the obligor liable.

What is an example of a period?

The definition of a period is a space of time between two events or a portion of time. An example of period is the Renaissance era. An example of period is the first class of the day. An example of period is a female’s menstrual cycle.

What can I say instead of my period?

The next time you’ve got your period, try out some of these nine nicknames instead.

• Chum. The Indian favourite which everyone’s aunties and grandmothers use to refer to their periods.
• Aunt Flo.
• Red Wedding.
• Shark Week.
• Time Of The Month.
• Carrie.
• Code Red.
• Girl Flu.

What is a divisible obligation?

An obligation is divisible when the object of the performance is susceptible of division. An obligation is indivisible when the object of the performance, because of its nature or because of the intent of the parties, is not susceptible of division.

What is a day certain?

A specified date. A term used in the rules of civil andcriminal procedureto designate a particular time by which all motions for a new trial must be submitted to the court.

Does the court still have to fix the period?

The courts shall also fix the duration of the period when it depends upon the will of the debtor. In every case, the courts shall determine such period may under the circumstances have been probably contemplate by the parties. Once fixed by the courts, the period cannot be changed by them.

What does contractual period mean?

A contract period, also known as contract time, is the number of days between a specific start date and a specific end date, as outlined in a contract.

When is an obligation with a period conditional?

If the uncertainty consists in whether the day will come or not, the obligation is conditional, and it shall be regulated by the rules of the preceeding section. An obligation with a period is one whose effects or consequences are subjected in one way or another to the expiration or arrival of said period or term.

When do obligations with a period take effect?

Obligations with a resolutory period take effect at once, but terminate upon arrival of the day certain. A day certain is understood to be that which must necessarily come, although it may not be known when. 1. As to fulfillment

When do obligations with a resolutory period end?

Obligations with a resolutory period take effect at once, but terminate upon arrival of the day certain. A day certain is understood to be that which must necessarily come, although it may not be known when. Nice work! You just studied 45 terms!

How is an obligation different from a contract?

An obligation is a juridical necessity to give, to do, or not to do. JURIDICAL NECESSITY – juridical tie; connotes that in case of noncompliance, there will be legal sanctions. (obligee) which, if breached, is enforceable in court. A contract necessarily gives rise to an obligation but an obligation does not always need to have a contract.