When would the risk of the consignment be transferred from the seller to the buyer?
The risk in the goods is not transferred to the consignee despite the transfer of possession of goods. Any damage or loss to the goods is therefore borne by consignor. But in the case of sale, the risk is immediately transferred to the buyer even when the goods are still in the possession of the seller. 5.
What is Title and risk of loss?
Title refers to ownership of the good. Whichever party legally owns the goods at a moment is the one with title. Risk of loss refers to which party bears the risk for damage or destruction of the good.
Why does it matter who has title?
Title is important for three reasons: it determines whether a sale has occurred, it determines rights of creditors, and it affects who has an insurable interest.
What is a sale or return contract?
Sale or Return is a type of agency agreement where a shop or gallery agrees to sell and market your work for you in exchange for a commission on the value of the goods they sell.
What is a sale on approval contract?
A “sale on approval,” sometimes also called a “sale on trial” or “on satisfaction,” deals with a contract under which the seller undertakes a risk in order to satisfy its prospective buyer with the appearance or performance of the goods that are sold.
What is loss in obligation?
Article 1262. An obligation which consists in the delivery of a determinate thing shall be extinguished if it should be lost or destroyed without the fault of the debtor, and before he has incurred in delay
What is the effect of loss on the object of the obligation?
Effects of loss of objects of obligation:1. Some of the objects- debtor is not liable since he has the right of choice and the obligation canstill be performed. 2. All of the objects- creditor shall have the right to indemnity for damages since the obligationcan no longer be complied with.
Is lost with the debtors fault without his fault?
State the rules in case the thing to be delivered: (a) is lost with the debtor’s fault; without his fault; If the delivery lost is due to the debtor’s fault, the debtor has an obligation to pay the damages that incurred and the price of the thing that is lost also can be demand
What is generic thing in law?
In contrast, indeterminate or generic thing is the opposite of determinate or specific thing; that is, generic or indeterminate thing is not particularly designated or physically segregated from all others of the same class. It means that a thing cannot be specifically determined from things of the same class.
Has the debtor the right to recover what he has paid to the creditor?
The debtor may recover what during the same time he has paid by mistake in case of a suspensivecondition. In case of the loss, deterioration or improvement of the thing, the provisions which, with respect to thedebtor, are laid down in the preceding article shall be applied to the party who is bound to return.
What must a debtor do to be released from his obligation?
If the creditor to whom tender of payment has been made refuses without just cause to accept It, the debtor shall released from responsibility by the consignation of the thing or sum due. When the title of the obligation has been lost. ..
Is D legally justified to refuse to pay C?
Is D legally justified torefuse to pay C? No, because when D loaned from C, he entered a voluntary agreement and he was willing and the contract is valid.
What if a creditor refused my offer of payment?
What if my offers are still refused? Your creditors do not have to accept your offer of payment or freeze interest. If they continue to refuse what you are asking for, carry on making the payments you have offered anyway. Keep trying to persuade your creditors by writing to them again.
Can a creditor refuse a payment?
Legal Options for Creditors Creditors can legally refuse partial payments and demand payment in full, including interest and extra charges like late fees. There are no laws that require them to accept your payments or partial payments. Some creditors are more willing to work with you than others.
When the debtor binds himself to pay when his means permit him to do so the obligation is?
When the debtor binds himself to pay when his means permit him to do so, the obligation shall be deemed to be one with a period, subject to the provisions of article 1197. By: Evelyn Balaoro. Explanation: An obligation with a period arises when a day certain has been fixed for its fulfillment
What is obligation with a condition?
A conditional obligation is one the fulfillment of which is a subject to a certain condition which may be an event, which may or may not happen. It could be suspensive or resolutory. A suspensive condition is a future or uncertain event, the happening of which give birth to the obligation
What makes an obligation valid?
The obligation is valid. When the creditor knows that the debtor already has the means to pay, he must file an action in court to fix the period, and when the definite period as set by the court arrives, the obligation to pay becomes demandable (CIVIL CODE, art. 1197). 2.
What is an alternative obligation?
An obligation is alternative when two things are equally due, under an alternative. Usually, when an obligation is alternative, the choice of the item of performance belongs to the obligor unless it has been expressly or impliedly granted to the oblige. …
What is pure and conditional obligation?
Pure obligation is one free from any condition and there is no period of fulfillment, thus it is immediately demandable. Conditional obligation is one where its fulfillment is upon the condition stipulated. Condition is a future and uncertain event which can draw the effectivity or extinguishment of an obligation
What are types of obligation?
Forms of Obligation
- absolute obligation.
- contractual obligation.
- express obligation.
- moral obligation.
- penal obligation.