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Extinguishment of Obligations Quiz

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Questions and Answers

Who may pay an obligation?

Either the debtor or a third person with interest (correct)

Only the creditor

Only the debtor

Only a third person with interest

What is the effect of loss in a determinate obligation to give?

Obligation is transferred to the creditor

Obligation remains and the debtor is liable for the loss (correct)

Obligation remains but the debtor is not liable for the loss

Obligation is extinguished

What is dacion en pago?

Legal tender

Payment by cession/assignment

Payment made to an incapacitated person

Payment by the delivery and transfer of ownership of a thing to the creditor as an accepted equivalent of the performance of the obligation (correct)

What is novation by subrogation?

<p>Novation by substituting of the creditor</p> Signup and view all the answers

What is the effect of condonation or remission of debt?

<p>Obligation is extinguished</p> Signup and view all the answers

Study Notes

Obligations and Payments

Anyone who has the capacity to pay can pay an obligation, including the debtor, a third person, or even the creditor themselves.

Determinate Obligation to Give

Loss or destruction of the specific thing owed in a determinate obligation to give excuses the debtor from payment, and the obligation is extinguished.

Dacion en Pago

Dacion en pago is a mode of payment where the debtor offers a different thing in place of the original thing owed, and the creditor accepts it as full payment.

Novation by Subrogation

Novation by subrogation occurs when a third person pays the debt, and the creditor accepts the payment, thereby extinguishing the original obligation and creating a new one between the creditor and the third person.

Condonation or Remission of Debt

Condonation or remission of debt, which is a voluntary waiver of the right to demand payment, extinguishes the obligation, and the debtor is released from their liability.

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Description

Test your knowledge of the Law on Obligations and Contracts with this quiz focusing on Title I Chapter 4: Extinguishment of Obligations (Civil Code, Articles 1231 – 1304). Explore topics such as payment, third-party obligations, and the rules for making payments to the correct recipients.