LAW ON OBLIGATIONS AND CONTRACTS - Nature and Effect of Obligations; Chapter 2 (copy)

Specific or determinate thing

A thing that is particularly designated or physically segregated from others of the same class.

Generic or indeterminate thing

A thing that refers only to a class or genus and cannot be specifically identified.

Duties of debtor for determinate thing

The debtor must preserve or take care of the thing with due diligence pending delivery.

Diligence of a good father of a family

Ordinary care that an average person exercises over his own property.

Factors for diligence

The required diligence depends on the nature of the obligation and the circumstances of the person, time, and place.

Reason for debtor’s obligation

The debtor must ensure the thing remains in the same condition as when the obligation was contracted.

Different kinds of fruits

Natural fruits, industrial fruits, and civil fruits.

Personal right

The right of a creditor to demand fulfillment of an obligation from a specific debtor.

Real right

The right of a person over a specific thing, enforceable against the whole world.

Ownership acquired by delivery

Ownership and real rights are transmitted through delivery.

Remedies of creditor in real obligation

Demand specific performance, rescission, or payment of damages if the debtor fails to comply.

Remedies of creditor in positive personal obligation

The creditor can have the obligation performed by themselves or another at the debtor's expense.

Ordinary delay

Failure to perform an obligation on time.

Legal delay

Failure to perform an obligation that constitutes a breach.

Mora solvendi

Delay on the part of the debtor to fulfill their obligation.

Mora accipiendi

Delay on the part of the creditor to accept performance.

Fraud

Deliberate evasion of fulfilling an obligation.

Negligence

Voluntary act or omission preventing normal fulfillment of an obligation.

Fortuitous event

An event that cannot be foreseen or is inevitable.

Simple loan or mutuum

A contract where one party delivers consumable goods with the condition of repayment.

Usury

Contracting for interest in excess of the legal limit.