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Law of obligation learning portfolio - Essay Example

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The fundamentals of obligation are directed towards the debtor and the creditor. The Roman terminology “obligatio” refers both to (1)…
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Law of obligation learning portfolio
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Law of obligation learning portfolio

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The law of obligation under the Roman law was expressed in the form of contracts. There were different forms of contract which were all incorporated with religious elements due to the fact that Roman law evolved through and under the college of pontiffs and priestly caste. Jus jurandnm was the most solemn of all oaths, and should the one who made the promise fail to perform his duty, he will be then in danger of receiving penalty in the form of excommunication. The less harsh of these oaths was the sponsio on which the promisor would pour out the libation of wine while calling upon gods to witness upon his promise. Over time the religious elements have gone and the power of the State prevailed, this has become the formal stipulatio which was done in formal question and answer. The earliest Roman contract now was formed called the nexum. It was done by means of money and scale, in the presence of five witnesses and librepens who held the official scale. The transaction will take place by means of symbolic sale, on which during this moment there will be a dialogue between the promisor and the promisee. Without these symbolisms the contract will be regarded as void. This was a loan and the debtor was in serious consequences should he fail to follow through his debt (Page W.H. 1919).
A formal contract then became part of Roman law where one party would perform a specific action and the other party would be expected to fulfill an obligation. These actions should well up from the mutual intention of both parties to enter into an agreement. There were four forms of these contracts: (1) the mutuum which means a transfer of property to the debtor to be repaid by the debtor in kind to the creditor (2) the commodatum which was a gratuitous loan, (3) the depositum which was the transfer of property for the purpose of gratuitous safekeeping and last (4) the pignus or pledge, this was done by transferring a property by the debtor to ...Download file to see next pagesRead More
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