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General Rules of the Law of Obligations

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Chapter Summary

The general rule is that an obligation should be performed in an adequate manner in accordance with the terms of the obligation and the requirements of the law and other legal acts, and in their absence, in accordance with the business custom. Several debtors and/or creditors, each creditor has the right to demand performance and each debtor has a duty to perform obligation in the same proportion as the others. The right (claim) which belongs to the creditor can be assigned by a juristic act or shift to another person by law. Transfer of debt by the debtor is allowed only with the consent of the creditor. The Obligations are terminated on the following grounds: performance; substitute performance; set-off; merger of the status of the creditor and the debtor; novation; discharge; impossibility of performance; act of government; death of a physical person or liquidation of a juridical person.

Keywords: business custom; creditors; debtors; juristic act; Law of Obligations



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