TITLE XV GUARANTY CHAPTER 1 Nature and Extent of Guaranty Article 2047. By guaranty a person, called the guarantor, binds himself to the creditor to fulfill the obligation of the principal debtor in case the latter should fail to do so. If a person binds himself solidarily with the principal debtor, the provisions of Section…
TITLE XIV COMPROMISES AND ARBITRATIONS CHAPTER 1 Compromises Article 2028. A compromise is a contract whereby the parties, by making reciprocal concessions, avoid a litigation or put an end to one already commenced. (1809a) Article 2029. The court shall endeavor to persuade the litigants in a civil case to agree upon some fair compromise. (n)…
TITLE XIII ALEATORY CONTRACTS General Provision Article 2010. By an aleatory contract, one of the parties or both reciprocally bind themselves to give or to do something in consideration of what the other shall give or do upon the happening of an event which is uncertain, or which is to occur at an indeterminate time….
TITLE XII DEPOSIT CHAPTER 1 Deposit in General and its Different Kinds Article 1962. A deposit is constituted from the moment a person receives a thing belonging to another, with the obligation of safely keeping it and of returning the same. If the safekeeping of the thing delivered is not the principal purpose of the…
TITLE XI LOAN General Provisions Article 1933. By the contract of loan, one of the parties delivers to another, either something not consumable so that the latter may use the same for a certain time and return it, in which case the contract is called a commodatum; or money or other consumable thing, upon the…
TITLE X AGENCY CHAPTER 1 Nature, Form and Kinds of Agency Article 1868. By the contract of agency a person binds himself to render some service or to do something in representation or on behalf of another, with the consent or authority of the latter. (1709a) Article 1869. Agency may be express, or implied from…
TITLE IX PARTNERSHIP CHAPTER 1 General Provisions Article 1767. By the contract of partnership two or more persons bind themselves to contribute money, property, or industry to a common fund, with the intention of dividing the profits among themselves. Two or more persons may also form a partnership for the exercise of a profession. (1665a)…
TITLE VIIILEASE CHAPTER 1 General Provisions ARTICLE 1642. The contract of lease may be of things, or of work and service. (1542) ARTICLE 1643. In the lease of things, one of the parties binds himself to give to another the enjoyment or use of a thing for a price certain, and for a period which…
TITLE VII BARTER OR EXCHANGE Article 1638. By the contract of barter or exchange one of the parties binds himself to give one thing in consideration of the other’s promise to give another thing. (1538a) Article 1639. If one of the contracting parties, having received the thing promised him in barter, should prove that it…
TITLE VI SALES CHAPTER 1 Nature and Form of the Contract Article 1458. By the contract of sale one of the contracting parties obligates himself to transfer the ownership and to deliver a determinate thing, and the other to pay therefor a price certain in money or its equivalent. A contract of sale may be…