Art. 1231.

Obligations are
extinguished:
(1) By payment or performance;
(2) By the loss of the thing due;
(3) By the condonation or remission
of the
debt;
(4) By the confusion or merger of
the rights
of creditor and debtor;
(5) By compensation;
(6) By novation.
Other causes of extinguishment of
obligations, such as annulment,
rescission, fulfillment of a resolutory
condition, and prescription, are
governed elsewhere in this Code.
Trigger effect: 1. Payment/ performance
2. Loss of thing due
3. Condonation/remission
4. Confusion/merger of rights
5. Compensation
6. Novation
General rule: Obligation is extinguished
Exception: Annulment, rescission, fulfillment of resolutory condition, and
prescription may extinguish obligation

There are other causes of extinguishment of obligation. Prescription is provided

for by the Code in other articles. Death may extinguish obligations which are
personal character, apart from its extinctive effect in some contracts, such as
partnership and agency. As a general rule, death of either the creditor or the debtor
does not extinguish the obligations; obligations when the law, the stipulation of the
parties, or nature of obligation prevents such transmission. There is also
renunciation by the creditor, compromise, fulfillment of resolutory
conditions and arrival of resolutory periods, recission and nullity of
contracts, and mutual dissent. In some contracts, extinction may be produced
by the will of one of the parties, or a change in civil status of those who make them.

Want of interest of the creditor in the fulfillment of the obligation does not
extinguish it.

Abandonment of the thing charged with the obligation may result in the
extinguishment of the obligation.

Contracts can be terminated by agreement of the parties, express or implied.

An obligation is not extinguished by the insolvency of the debtor, unless it has been
judicially declared and a discharge has been given to him.