I was encouraged to activate my blog with the purpose of sharing my insights on my subjects. While Judge Ongkeko was telling us how we could hit two birds with one stone by having a blog (you learn and you can help others learn as well), I started to have all these ideas about what I would publish. In the meantime, here are some of the words which we were asked to define, and words that are not familiar to me:
1. PRESTATION - a payment either in money or service; a performance of a duty whether or not to do something as a fulfillment of an obligation.
2. CREDITOR - an individual or an entity to whom money is due; "pinagkakautangan"
3. DEBTOR - an individual or an entity that is in debt to another; "may utang"
4. OBLIGEE - an individual or entity to whom one is under obligation based on a contract or legal agreement
5. OBLIGOR - an individual or entity that is bound to another for a certain debt or duty by means of a contract or legal agreement
4. SALE - a transfer of property of any kind or of services in exchange for money (or anything of value) or other terms agreed and considered by both parties
5. PLEDGE - a serious promise, commitment or agreement to do or not do something
6. DEPOSIT - to place for safekeeping or in trust by the depositor, without any reward and which to be returned when the depositor shall require it
7. EQUITY - under the context of obligations and contract, equity is the money value of property on top of claims, liens, or property mortgages; in its broadest definition, equity means fairness
9. CLAIMS - a legal assertion or demand by a person who wants a payment, compensation or reimbursement for a loss under a contract or an injury caused by negligence
10. LIENS - serves as a security for a debt or performance charge given by the debtor to the creditor; it is the creditor's qualified right over a specific property of his debtor
11. MORTGAGES - a document expressing the owner's (mortgagor)will to pledge his/her property title to a lender (mortgagee) as security for a loan according to a promissory note
12. ANTI-CHRESIS - an agreement between the creditor and the debtor where the latter gives the former the income from the property he/she has pledged in lieu of the interest on his/her debt
13. SECURITY - serves as the assurance of a debt payment or a fulfillment of an obligation
Sources:
thelawdictionary.org
thefreedictionary.com