Indefinite Period & Resolutory Period Quiz

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Questions and Answers

If an obligation does not fix a period, but it can be inferred from its nature and circumstances that a period was intended, what can the court do?

Change the nature of the obligation

Set the period (correct)

Terminate the obligation

Extend the obligation indefinitely

In what situation can a court fix a period when an obligation depends on the will of the debtor?

When the debtor is unwilling to pay

When the obligation becomes indefinite

When the creditor requests it (correct)

When the debtor is financially stable

What must a creditor do if an obligation fails to fix a period or depends on the will of the debtor?

Wait indefinitely for payment

Send a notice of extension to the debtor

Seek legal assistance from the court (correct)

Demand payment immediately

When does a period fixed by the court become enforceable?

After expiration of the fixed period Signup and view all the answers

What happens if an obligation is terminated with a resolutory period?

The obligation ends automatically on a specified event Signup and view all the answers

In an alternative obligation, what does it mean when two or more things are equally referred to?

The debtor chooses which thing to fulfill the obligation with Signup and view all the answers

Who benefits from a period designated in an obligation according to the text?

Both the creditor and debtor Signup and view all the answers

If a period is given to the debtor alone, what can the debtor do?

Oppose any premature demand by the creditor Signup and view all the answers

Is it possible for a creditor to demand performance before the expiration of a designated period?

Depends on the terms of the obligation Signup and view all the answers

What happens if a period is fixed by the court for an obligation?

Both parties must wait until the court's designated period expires Signup and view all the answers

In obligations with a resolutory period, when can the debtor perform the obligation?

Only after the resolutory period expires Signup and view all the answers

When is a period in an obligation presumed to benefit only one party?

When circumstances clearly indicate so Signup and view all the answers

Under what circumstances will a debtor lose the right to make use of the period according to the text?

All of the above Signup and view all the answers

When does an obligation with a resolutory period take effect?

Immediately upon the arrival of the day certain Signup and view all the answers

What action by the debtor can lead to the termination of obligations with a resolutory period?

Violating any undertaking agreed upon with the creditor for the period Signup and view all the answers

In what situation will a debtor retain the right to make use of the period?

Becoming insolvent and immediately providing new guaranties or securities Signup and view all the answers

When does an obligation with a resolutory period terminate?

Upon reaching a day certain Signup and view all the answers

What is the primary difference between obligations with a resolutory and a definite period?

Resolutory period obligations take effect immediately, while definite period obligations have a fixed start date. Signup and view all the answers

Study Notes

Court's Authority in Obligation Periods

Courts can infer and establish a period for an obligation based on its nature and surrounding circumstances.
If an obligation relies on the debtor’s will, the court can set a time frame to ensure it is not indefinite.

Creditor's Responsibilities

The creditor must seek clarification or enforce terms if an obligation fails to specify a period or is contingent on the debtor's will.

Enforceability of Court-Fixed Periods

A period designated by the court becomes enforceable once the court has formally set and communicated the timeframe.

Resolutory Period Obligations

If an obligation is terminated with a resolutory period, it ceases to exist once the stipulated conditions or timeframe are met.

Alternative Obligations

In an alternative obligation, referring to two or more items implies that they are interchangeable options for fulfilling the obligation.

Designated Periods in Obligations

A period established in an obligation is typically to the benefit of the party that it is related to.

Debtor Rights Regarding Periods

When a period is conferred solely to the debtor, they have the option to choose when to perform the obligation within that timeframe.

Early Performance Demand

Creditors cannot demand performance before the designated period has expired unless otherwise stipulated or agreed upon.

Court-Fixed Period Implications

When the court fixes a period for an obligation, it provides a definitive timeframe within which the obligation must be honored.

Performance Timing in Resolutory Periods

In obligations featuring a resolutory period, the debtor can perform the obligation at any time before the expiration of the designated timeframe.

Benefit of Obligation Periods

A period within an obligation is presumed to benefit one party when it is explicitly stated or cannot be reasonably interpreted otherwise.

Loss of Period Rights

A debtor can lose the right to utilize the designated period if they fail to act or fulfill obligations as required by the agreement.

Effectiveness of Resolutory Periods

An obligation with a resolutory period takes effect immediately upon the agreement unless specified otherwise.

Debtor Actions Impacting Obligations

Certain actions by the debtor, such as default or failure to meet conditions, can result in the termination of obligations with a resolutory period.

Retaining Period Usage

A debtor retains the right to use the period if they have complied with the terms and conditions stipulated in the obligation.

Termination of Resolutory Period Obligations

An obligation with a resolutory period terminates when the specific conditions or the period lapses as per the terms agreed.

Difference Between Resolutory and Definite Periods

The major distinction lies in the nature of the conditions: resolutory periods involve potential future termination upon occurring events, whereas definite periods establish fixed deadlines for performance.

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Description

Test your knowledge on obligations with definite or indefinite periods, including when the court may fix a period for fulfilling obligations. Explore scenarios where the period of obligation can be inferred from its nature and circumstances, or when it depends on the debtor's will.

Obligations with Definite or Indefinite Period Quiz

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