When the delivery of a generic thing, according to Article 1245, substitution for the Show
payment is allowed, whereby property is alienated to the creditor in satisfaction of a debt in money. 3. When is partial performance of an obligation allowed? According to Article 1248, partial performance is allowed: 1) When there is an express stipulation to that effect 2) When the debt is in part liquidated (definitely and determined or computed) and in part unliquidated. 3) When the different prestations in which the obligation consists are subject to different terms or conditions which affect some of them. In obligations which comprehend several distinct prestations, it is evident that the prestations need not be executed simultaneously but each successive execution thereof must be complete. 4. What must a debtor do to be released from his obligation if the creditor refuses to accept payment without any justifiable reason? If the creditor refuses to accept payment without justifiable reason, the debtor can be released from his obligation by the consignation of the thing. According to Article 1257 and Article 1258, when the debtor made the consignation, he should give the payment to the court since the consignation must be made with proper judicial authority and next, the interested parties must be informed about the consignation. 5. Give the requisites of payment by cession. What rights are acquired by the creditor in this form of payment as distinguished from dation on payment? According to Article 1255, there are 4 requisites of payment by cession, (1) there must be two or more creditors, (2) the debtor must be partially insolvent, (3) the assignment must involve all the properties of the debtor and (4) the cession must be accepted by the creditors. In dation of payment, the creditor becomes the owner of the thing given by the debtor, while in payment by cession, the creditor only acquires the right to sell the thing of the debtor and get the proceeds to their credits proportionally. III. Problems 1. D (debtor) owes C (creditor) P10,000 with G as guarantor. On the due date of the obligation, T, a third person, offered to pay the obligation of D. Can C legally refuse to accept the payment? How about an offer of payment from G?
What is the conveyance of ownership of a thing as an accepted equivalent of performance? Dation in payment (adjudication or dacion en pago) is the conveyance of ownership of a thing as an accepted equivalent of performance.
What is the difference between dacion en pago and payment by cession?DIFFERENCES OF DATION IN PAYMENT AND DATION IN CESSION
(5) Dation is really an act of novation (Art. 1291[1].), while cession is not an act of novation. Both are substitute forms of payment or performance. They are governed by the law on sales.
Is a sharp sudden increase of money or credit or both without a corresponding increase in business transaction?(1) Inflation is a sharp sudden increase of money or credit or both without a corresponding increase in business transaction. Inflation causes a drop in the value of money, resulting in rise of the general price level.
Is partial performance of an obligation allowed?Partial performance of an indivisible obligation extinguishes a corresponding proportion of the obligation if the benefit of the performance is voluntarily retained by the creditor, but not otherwise.
|