Business Law | Extinguishing of Obligation (Debt) | Part 1

In this video, we explore the concept of Extinguishing Obligations in Business Law, answering key questions and discussing the different ways a debt or obligation can be extinguished. If you're curious about how debts are legally resolved, this video is for you!

How can an obligation (debt) be extinguished?
An obligation can be extinguished through various methods, including:
By payment or performance
By the loss of the thing due
By the condonation or remission of the debt
By the confusion or merger of the rights of creditor and debtor
By Compensation
By Novation

Who can make a payment for a debt?
When it comes to paying a debt, the following individuals or parties are authorized to make the payment:
The debtor, his heir, assignees, or duly authorized representative
The person authorized by stipulation to make payment
A third person interested in the fulfillment of the obligation

To whom can a payment of debt be made?
Payments can be made to:
The person in whose favor the obligation has been constituted
His successor in interest
Any person authorized to receive the payment

When is debt considered paid?
Debt is considered paid when:
The integrity of the prestation is preserved
The identity of the prestation matches the original obligation

Additionally, this video also covers:
The involvement of a third person in paying debts
Exceptions to the rules of debt payment
Dacion en Pago (Dation in Payment)

This is Part 1 of our detailed discussion on extinguishing obligations, and there’s more to come! Stay tuned for Part 2, where we’ll dive deeper into the remaining aspects of debt extinguishment.

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