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Resolutory condition example

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The document is a Conditional Guaranty of Payment, where the Guarantor agrees to guarantee payment of obligations incurred by the Obligor to the Obligee, under specified conditions and limitations. It outlines the terms of the guarantee, including the maximum obligation amount and conditions for its effectiveness.

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What is an example situation of obligation?

Obligation Examples The failure to meet ones obligations is often met with punishment, the degree of which depends on the character of the contract. For example, if an individual fails to make their car payments regularly, the auto company will repossess the car.

What is conditional and unconditional obligation?

A conditional obligation is something you only have to do if a certain event happens. For example, a company might be obligated to pay a bonus to an employee if they reach a certain sales target. An unconditional obligation, on the other hand, is something you have to do no matter what.

What are the characteristics of obligation?

It defines an obligation as a juridical necessity to give, do, or not do something and identifies the key elements of an obligation as the active subject or creditor, passive subject or debtor, object or prestation, efficient cause, and vinculum juris.

What are the conditions of obligation?

Obligation refers to a condition in which an individual is legally bound to perform something. Hence, Obligation occurs when an individual has the inherent responsibility to accomplish something or when a promise is given, an oath to act is taken, a law has to be upheld or is violated, or vows are exchanged.

What are the four elements of obligations?

The essential elements of an obligation are critical to ensure its enforceability, and these elements are classified into active subject, passive subject, prestation, and juridical tie or vinculum juris.

example of pure obligation

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What is an example of a conditional obligation?

Example: I promise to give Bryan Php 5,000.00 if he passes the school entrance exam; the obligation cannot be demandable at once but becomes demandable only upon Bryans passing the school entrance exam. Resolutory Condition is an event the happening of which extinguish the obligation.

What is a conditional obligation to pay?

A guarantee under which the guarantor promises to pay an amount owed by the principal obligor to the beneficiary if the principal obligor fails to pay it. This means that the guarantor is only under an obligation to pay if the principal obligor breaches its obligation.

What are the three types of conditions?

A vital part of a contract is its conditions, which confirm the obligations of both parties entering into the agreement. Learn the definition of contractual conditions and the different types, including condition precedent, condition concurrent, and condition subsequent.

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