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What is Extinguishment of Obligations Explained about?
Chapter 4, Art. 1231 outlines various methods for extinguishing obligations, including payment, novation, and compensation, allowing mutual debts to offset each other. It emphasizes that complete fulfillment is required for a debt to be considered paid, and substantial performance in good faith may still lead to liability for damages. Additionally, Art. 1252 allows debtors to specify which due debt is paid, while Art. 1253 prioritizes interest payments over principal reductions.
- Author
- Stephanie Lim
- Language
- EN