Page:United States Statutes at Large Volume 76A.djvu/203

–107– -107Ai-tide I)—Accord and Satisfaction 051. 952. 053. 954.

Accord defined. Effect of accord. Satisfaction defined. Part performance. Article E—Novation

961. 062. 963. 964.

Novation defined. Methods of novation. Applicability of contract rules. Rescission of novation. Article F—Itflease 971. Extinction of obligation by release. 972. Extent of general release. U73. Itelease of joint debtor.

Subchapter I—DeJBnitions § 781. Obligation defined A n obligation is a legal duty, by which a person is bound to do or not to do a certain thing. § 782. Creation and enforcement An obligation arises either from the: (1) contract of the parties; or (2) operation of law. An obligation arising from operation of law may be enforced in the manner provided by law, or by civil action or proceeding. Subchapter II—Interpretation of Obligations Article A—General Rules of Interpretation § 811. General rules of interpretation The rules which govern the interpretation of contracts are prescribed by chapter 35 of this title. Other obligations are interpreted by the same rules by which statutes of a similar nature are interpreted. Article B—Joint or Several Obligations § 821. Classification of obligations An obligation imposed upon several persons, or a right created in favor of several persons, may be: (1) joint; (2) several; or (3) joint and several. § 822. Presumption of joint obligation An obligation imposed upon several persons, or a right created in favor of several persons, is presumed to be joint, and not several, except in the special cases specified by chapter 35 of this title, relating to the interpretation of contracts. This presumption, in the case of a right, may be overcome only by express words to the contrary. § 823. Contribution between joint parties A party to a joint, or joint and several, obligation who satisfies more Ihan his share of the claim against all, may require a proportionate contribution from all the parties joined with him. Article C—Conditional Obligations § 831. Conditional obligation defined An obligation is conditional, when the rights or duties of any party thereto depend upon the occurrence of an uncertain event. § 832. Kinds of conditions Conditions may be precedent, concurrent, or subsequent.

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