Prescription The obligation itself is not Illustration

extinguish, but the civil A student may demand the

character of the obligation is school a rebate of 10% of all his
total payments within one
month after his graduation. The
student graduated on January
01. He demanded on February
27. Here, the school’s obligation
to grant the rebate has already
prescribed.
Fortuitous Event Under Article 1262 of the Civil Illustration
Code, an obligation which E and L agreed that the former
consists in the delivery of a would deliver a certain cat to
determinate thing shall be the latter. The cat, however,
extinguished if it should be lost without the fault of E, died
or destroyed without the fault when lightning hit it while it was
of the debtor, and before he sleeping one night. Since the
has incurred in delay. When by obligation is to deliver a
law or stipulation, the obligor isdeterminate thing, the
liable even for fortuitous obligation has been
events, the loss of the thing extinguished.
does not extinguish the
obligation, and he shall be
responsible for damages. The
same rule applies when the
nature of the obligation
requires the assumption of risk.
Compromise Illustration
X bound himself to give O a parcel of land. They, however, entered
into a compromise that X would instead give half of the promised
land. X’s obligation to completely deliver the parcel of land had
already been extinguished.