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Article 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 ovation. Other causes of extinguishment of obligations, such as annulment, rescission, fulfillment of a resolutory condition, and prescription, are governed elsewhere in this Code.
Causes of extinguishment of obligations
In addition to those enumerated in Article 1231, other causes are:
Death of a party in case of an obligation requiring personal service
Mutual Agreement
Fulfillment of Resolutory Condition
Compromise
Impossibility of fulfillment
Happening of fortuitous event
These causes as well as those enumerated in the second paragraph of Art. 1231 is governed under other chapters of the Civil Code.
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