CONSTRUCT 5 QUESTIONS REGARDING QUESTIONS TO BE ASK ABOUT THE LEARNINGS OF THE TOPICS BELOW

Explanation:

Payment or performance article

What is the payment?

It not only means the delivery of money but also means the delivery above complete performance in any kind of manner that can be treated as an obligation.

Payment can have a thing as it does not only includes the delivery of money e and can include things other than money or any kind of an act also not completion of any act.

Example:

1.If A is obligated to give B a specific diamond ring, payment will be made only by delivering the diamond ring.

2.If X is an obligation to repair the machine of Y, payment will be made only by performing the given service.

1). Dation in payment:

it is a mode of paying of adapt or any kind of claim that is taken by a debtor which is given to the creditor with the consent of the letter providing something in full satisfaction of the obligation but the character of which is different as compared to the originally called for by the application.

Dation in payment is a special form of payment because it is not considered in the ordinary way of presenting and apply the law of the sales governs here due to decision and payment as a species of sale where the amount of money e dated will become the price of the thing alienated.

Example: To pay a debt of 100000 in favor of Austin, Jane gave him with her consent a diamond ring instead worth 100000.

2). Application of payment:

It is considered as a designation of the depth to which it is applied that the payment is made by an auditor who has other various steps belonging to the same kind in favor of one or any other same creditor.

The requirement of application of payment is a debtor or a creditor, more than one debt, and

of some kind.

Eg: A owes B as follows:

a.P1,600.00 payable on October 5

b.P1,700.00 payable on October 20

c.Specific jewelry worth P2,000.00 to be delivered on October 20; and

d.P1,000.00 is payable on November 15.

On October 20 A paid B P1,600.00. A main apply the P1,600.00 to debt (a) or to debt (b) and (if B does not object) to a portion of the debt (a). If Apaid only P1,000.00, he cannot use to applies payment to the P1,600.00 debt because B cannot be compelled to receive partial payment. A cannot properly apply the payment to debt (c) because it is not of the same kind. He must deliver the thing agreed upon neither can he apply to debt (d) which does not yet do unless there is a stipulation to the contrary aur he has the benefit of the period. an application regarding the payment made by the data without objection from the greater is binding upon the latter.

3). Payment by Cession:

It is a different form of payment considered as the assignment for the abandonment of all the various properties of the data in order for the benefit of his creditors so that the latter may sell the same and applied the proceeds therefore in order to satisfy the amount of credit.

Example:

Jane Austen is indebted to several creditors in the total amount of P6 million. His assets are not much to pay all his debts.

With the consent of all his creditors, Austin may provide property to them that can be sold to fulfill their credit needs. If the net proceeds of the sale amount only P4 million Austin is still liable for the balance of 2 million unless there is a given criterion that the assignment shall be in full satisfaction of all his debts.

4). Tender payments and Consignation:

In this case, if the creditor who has the tender of payment maid refuses without any cause to accept it the data shall be released from the kind of responsibility by the consignation of the thing or some due.

Meaning of Tender payment: it is the offer that is to be paid on the part of the data and it is needed to be shown that the data has while making an offer or the amount that is to be paid.

Meaning of Consignation: it is considered as an act of depositing the thing do with the court or any kind of judicial authorities in case the creditor cannot accept or has refused to accept the payment.

Eg- Agasta has to pay the amount of P1 million to Rose. But due to you being late in the payment Rose has refused to accept the amount so August can keep the same amount weather court or any judicial authority as the creditor has refused to accept the payment the money will be e kept with the authority unless and until accepted by the creditor.