Which is an example of a divisible obligation?
A divisible obligation is one the object of which, in its delivery or performance, is capable of partial fulfillment. For example, A agreed to pay B Php4,000 in two equal monthly installments for his debt. Here, the obligation of A is divisible because it is capable of partial performance.
What is a divisible obligation?
An obligation is divisible when the object of the performance is susceptible of division. An obligation is indivisible when the object of the performance, because of its nature or because of the intent of the parties, is not susceptible of division.
What is a join indivisible obligation give an example?
In a joint indivisible obligation, the debtors are bound only to the extent of their share in the obligation which can only be performed totally or completely, not partially. For example, A and B, who are a popular duet, are jointly bound to sing in a concert organized by C.
What does it mean when a building is divisible?
Divisible Space means space designed for lodging, residential, living or sleeping purposes which has its own private entrance and is so arranged that it is separate, or can be conveniently separated from other space within such facility by closing doors or otherwise in a manner that will afford privacy of access and …
What is divisible and indivisible?
As nouns the difference between indivisible and divisible is that indivisible is that which cannot be divided or split while divisible is any substance that can be divided.
What is indivisible contract?
Indivisible Contract means a Contract between Seller or a Seller Affiliate and a third party which is related to the Business as well as other operations and/or products of Seller, which is identified by Buyer as of the Closing Date, and which is set forth on Schedule 1.1(rr), or other Business Contracts which Buyer.
What is a divisible contract?
Definition of divisible contract : a contract containing agreements one of which can be separated from the other so that one part may be valid or enforceable although another is void or so that a right may accrue on one and not on another.
Is the obligation of D divisible or indivisible?
obligation of D divisible or indivisible? susceptible of partial performance or installments are considered as divisible. However, the payment for each installment of P2,500 is considered indivisible.
How can you tell if a property is divisible?
Divisible property includes passive changes in value of marital property that occurs between the date of separation and the date of distribution, as well as other property that was earned during the marriage but not paid or received until after the date of separation.
What does Min divisible mean?
Minimum Divisible The smallest area allowed in the division of a property. Modified Gross Lease Tenant pays base rent and increases in taxes and insurance over an expense stop or base year and their pro rata share of CAM (Common Area Maintenance).
What are the kinds of indivisibility?
Indivisibility is established by the common agreement of the parties, by the nature of the object of the obligation and by law. Annotators call these kinds of indivisibility conventional, natural or absolute and legal indivisibility.
What makes something indivisible?
The definition of an indivisible is anything that cannot be divided into equal parts or split. An example of an indivisible is the number 13. noun. Anything indivisible. noun.
What is an example of a creditor?
For example, if you have an outstanding balance on a loan, then you have a creditor. Editorial Note: Credit Karma receives compensation from third-party advertisers, but that doesn’t affect our editors’ opinions.
Who is considered a creditor of a business?
Basically, any entity that loans a business money or assets is considered a creditor. Since the borrower owns the creditor money, the law gives certain rights to the lender to protect his interests. For example, a borrower can’t simply take out a loan and stop making payments.
What is a real creditor?
Real creditors are financial entities who require borrowers to sign legal contracts that grant the creditor some sort of collateral — e.g. car, house, jewelry — if the borrower fails to repay the loan. Let’s look at a scenario with a real creditor, XYZ Bank, to whom you go to for a loan.
What happens to a creditor in a bankruptcy case?
Creditors and Bankruptcy Cases. If a debtor decides to declare bankruptcy, the court notifies the creditor of the proceedings. In some bankruptcy cases, all of the debtor’s non-essential assets are sold to repay his debts, and the bankruptcy trustee repays the debts in order of their priority.