Get Law On Obligations And Contracts By Hector De Leon Pdf 2020-2025

Article 1159. Obligations arising from contracts have the force of law between the contracting parties and should be complied with in good faith.

Art. 1179. Every obligation whose performance does not depend upon a future or uncertain event, or upon a past event unknown to the parties, is demandable at once. Every obligation which contains a resolutory condition shall also be demandable, without prejudice to the effects of the happening of the event.

 An obligation is nothing more than the duty of a person (obligor) to satisfy a specific demandable claim of another person (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.

Business law obligation and contract refers to what is legally required of each of the parties involved in a contractual agreement. The law requires individuals who enter into legal agreements to uphold their end of the contract.

(Art) Obligation Arising from contracts – it is an established doctrine of law and sustained by the settled practice of the courts, that a man obligates himself to do that to which he promises to be bound, because that which is agreed to in a contract is the law between such contracting parties.

Obligation of contracts refers to the legal duty of contracting parties to fulfill the promises specified in their contracts. If the obligations of a contract are in question, a person's reasonable capacity to perform or refrain from performing the required task will be taken into consideration.

Every obligation has four essential elements: an active subject; a passive subject; the prestation; and the legal tie. The ACTIVE SUBJECT is the person who has the right or power to demand the performance or payment of the obligation.