What is the meaning of alternative obligation? |

In business, the term alternative obligation refers to any debt not backed by a company’s assets (such as accounts receivable) that can be used in order for the company to borrow money. This type of credit is typically issued at interest rates significantly higher than those offered on traditional loans or bonds and are usually due more than one year.

Alternative obligation is an agreement that allows a person to perform two or more obligations. The most common types of alternative obligation are for example, marriage and military service.

Law and Legal Definition of Alternative Obligation When two things are equally due, under an alternative, an obligation is alternative. Only one of two or more elements of performance are required of the obligor.

Aside from that, what is the difference between alternative and facultative obligation?

A facultative obligation is one in which one obligation is due but another is paid in its place. There is no other option when it comes to such commitments. The debtor is offered the option of substituting a non-due item for the one that is due.

What is the impact of rescission in the case of an alternative obligation? Rescission imposes the need to return the items that were the subject of the contact, together with their fruits, as well as the price plus interest.

Second, what is the difference between pure duty and example?

A pure obligation is a debt that is not subject to any circumstances and does not have a defined due date. A genuine duty may be demanded right away. It is a duty for which there is no condition antecedent that has not been fulfilled.

What are the many types of responsibilities?

There are various types of obligations in legal language, including:

• It is an essential must.
• Contractual responsibilities
• explicit responsibility
• moral compulsion
• duty to pay a fine

Answers to Related Questions

What is the definition of a simple obligation?

It’s just a simple duty. An unconditional obligation is one that must be fulfilled regardless of what the parties to the agreement specify.

What is the definition of a compound obligation?

Types of obligations based on the subject: They are as follows: 1. A COMPOUND OBLIGATION is one in which two or more prestations are required. It might be: A. CONJUNCTIVE OBLIGATION – one in which numerous prestations are due at the same time; or B. DISTRIBUTIVE OBLIGATION – one in which one, two, or more prestations are due at the same time.

What kind of duty just has one predicate?

Concept of a facultative obligation – A facultative obligation is one in which only one prestation has been agreed upon, but the debtor may deliver another in its place.

What is the difference between pure and conditional obligation?

Pure Obligation — one that is devoid of any condition or term that makes its fulfillment contingent. Conditional Duty – a kind of obligation that is conditional. Resolutory (subsequent condition) – terminates an already existing obligation.

What does it mean to be obligated over a length of time?

Obligation that includes a period. An obligation with a period is one whose execution is limited by a term or period and may only be enforced after that time has passed. Such a time is referred to as a “certain day,” which must occur at some point, even though the exact day is unknown.

When his resources allow him to?

The obligation is assumed to have a time when the debtor commits to pay when his means allow him to do so, according to the limitations of article 1197. Evelyn Balaoro is the author of this piece. Explanation: When a certain day has been set for the completion of an obligation, it is called a period obligation.

What does it mean to have a conditional obligation?

A conditional duty is one whose fulfillment is contingent on the occurrence of a certain event, which may or may not occur. A suspensive situation is a prospective or unknown occurrence that gives rise to an obligation if it occurs. (ex.)

In a conditional duty, what impact does the satisfaction of the condition have?

In a conditional duty, what impact does the satisfaction of the condition have? The suspensive condition is when the parties agree that the duty to perform is postponed until a determined or determinable date due to the pending event, and that this event is certain to happen. However, the exact date is unknown.

What are the reasons for an obligation’s extinction?

– Requirements: (a) a valid payment tender extinguishes the obli. situation since he still possesses the item. When payment, or promise of payment, liberated from obli. refuses to provide a receipt.

What are the many ways to get rid of obligations?

EXTINGUISHING AN OBLIGATION IN DIFFERENT MANNERS

• Performance vs. Payment
• Remission or pardon are two options.
• Compensation.
• Rescission.
• Annulment.
• Prescripition.
• Confusion or merger?
• Novation.

What does the term “Article 1165” mean?

Article 1165 of the Constitution.

When the object to be provided is a fixed item, the creditor has the authority to force the debtor to make the delivery in addition to the right afforded by article 1170. If the duty is indefinite or general, he may request that it be fulfilled at the debtor’s cost.

What is the difference between a legal requirement and a legal obligation with a penalty clause?

In order to ensure performance or prevent nonperformance, a punitive clause is an additional duty linked to the primary one, demanding payment or performance of something, or simply requiring higher responsibility, in the event of noncompliance. It is connected to responsibilities to ensure that they be fulfilled.

What is the definition of moral obligation?

Moral responsibility is a legal requirement that stems from ethical concerns. It is an obligation resulting from ethical motivations, or a simple conscientious responsibility, unrelated to any legal obligation, perfect or imperfect, or the receipt of a material or economic gain by the promisor.

What exactly are social responsibilities?

The term “social” refers to anything that has to do with society or how it is organized. A responsibility or commitment is defined as being legally or ethically obligated to perform something. Alternatively, a debt of appreciation for a favor or service. We feel ourselves bound to observe society’s conventions and social etiquette as individuals.

What are the four aspects of responsibility?

The fundamentals of obligation are four key requirements for any commitment. They are as follows: The obligor is a duty-bound obligant who must perform the obligation. Obligant with the right to demand that the obligation be fulfilled; someone who has a right.

What is the definition of true obligation?

Real duty refers to a legal obligation involving real property. It’s a responsibility that relates to an actual right. In other terms, a person’s true responsibility refers to the responsibilities that he or she must fulfill in exchange for the privilege that he or she enjoys. A mortgage is an example of a real obligation.

What is a main responsibility?

A broad phrase for any legal obligation or responsibility. A primary responsibility must be completed since it is the fundamental objective of the contract in which it is included, while a secondary obligation is just supplementary to another important duty or occurs only if the primary obligation cannot be satisfied.