BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -“Obligations derived from law are not presumed. Only those expressly determined in this Code or in special laws are demandable, and shall be regulated by the precepts of the law which establishes them; and as to what has not been foreseen, by the provisions of this Book.

Detailed explanation-2: -The law of obligation refers to a person’s legal duty to do something. This legal duty arises in situations where a person, or a group of people, is required to take a particular course of action under the law. These kinds of obligations are binding ties that are covered by legal terms and can be enforced by a court.

Detailed explanation-3: -Article 1262 NCC | example: In sales, after the perfection of the contract, the object is lost due to fortuitous event. The debtor is freed if he has no participation; if NOT, he is liable for damages.

Detailed explanation-4: -A pure obligation is one which is not subject to any condition and no specific date is mentioned for its fulfillment and is, therefore, immediately demandable.