Introduction To Business Law Quiz Part- II

In an obligated relationship, there are two subject sides: the creditor and the debtor. The creditor is the party who lends money or provides goods/services on credit, while the debtor is the party who owes the money or is obligated to repay the debt. This relationship is based on trust and agreement between the two parties, where the creditor expects repayment from the debtor within a specified timeframe.

The correct answer is "a holder of the obligation." In a creditor-debtor relationship, the creditor is the party who is owed a debt or obligation, while the debtor is the party who has the obligation to repay the debt. Therefore, the debtor is considered the holder of the obligation.

An obligation can be fulfilled by a single action, regardless of the action's lasting. This implies that the obligation does not require a complex or lengthy process to be completed. Therefore, the term "simple" accurately describes this type of obligation.

Legal facts and conditions that form the basis of obligations are referred to as "sources of obligations." These sources include various legal principles, rules, and regulations that establish the rights and responsibilities of parties involved in a legal relationship. They provide the foundation for the creation, enforcement, and termination of obligations. By identifying and defining these sources, legal systems can ensure clarity and predictability in contractual and legal relationships.

If an obligation goes through a change on the creditor's side, it is referred to as a cession of the claim. This means that the creditor transfers their right to collect the debt from the debtor to another party. The cession of the claim allows the new party to step into the shoes of the original creditor and pursue the debt on their behalf. This transfer of the claim can occur for various reasons, such as the creditor needing immediate funds or wanting to mitigate their risk.

In the case of generic obligations, the object of obligation is not sufficiently determined. This means that the specific details or parameters of the obligation are not clearly defined or specified. It could be open-ended or subject to interpretation, leaving room for flexibility or ambiguity in fulfilling the obligation.

Unilateral civil-law transactions are those wherein the obligation as a bilateral legal relation arises by an expression of will by one person only. This means that only one party is expressing their will and creating the obligation, while the other party is not required to express their will or enter into any agreement. In this type of transaction, one person has the power to create a legal obligation without the need for mutual agreement or consent from the other party.

Natural obligations refer to moral or ethical obligations that are not enforceable by law. These obligations are based on social norms, personal values, or religious beliefs rather than legal requirements. Therefore, they are not legally protected, and individuals are not legally obligated to fulfill them.

Unjust enrichment as a source of obligation creates the obligation to return what was received without foundations. This means that if someone has received something without any legal or moral basis, they are obligated to give it back. This principle is based on the idea that it is unfair for someone to benefit at the expense of another without any valid reason. By returning what was received without foundations, the unjustly enriched party is restoring the balance and rectifying the unjust gain they have obtained.

In this context, the term "obligation" refers to a duty or responsibility to perform a certain action. The correct answer states that the obligation is strictly personal when only the debtor, and no one else, is bound to perform the action. This means that the responsibility falls solely on the debtor, and no other individuals or parties are obligated to fulfill the action.

Preclusion, or a preclusive time period, refers to the time limit within which a right must be exercised in order to be maintained or protected. If a person fails to exercise their right within this timeframe, they may lose the opportunity to do so in the future. This time limit ensures that individuals are proactive in asserting their rights and prevents them from indefinitely delaying their actions. By exercising their right within the preclusive time period, individuals can ensure that their rights are preserved and not forfeited.

When one of the subjects involved in an obligation dies, it does not lead to the termination of that obligation. The death of a party does not release them from their responsibilities or obligations under a contract or agreement. The obligation continues to exist and remains binding on the surviving parties. The death of one party may require the remaining parties to reevaluate or adjust the terms of the contract, but it does not automatically result in the obligation coming to an end.