Define: Constitutum

Full Definition Of Constitutum

A constitutum is a legal concept that refers to an agreement or contract made between parties, where one party agrees to transfer ownership of a property or asset to another party, subject to certain conditions or terms. The constitutum can be used to transfer ownership immediately or at a future date, and it can also be used to create a security interest or mortgage on the property. The constitutum is a binding legal agreement that must be executed in accordance with the applicable laws and regulations.

Constitutum FAQ'S

A constitutum refers to a legal agreement where a debtor and creditor agree to modify the terms of an existing debt, such as by extending the repayment period or changing the interest rate.

Yes, a constitutum is legally binding as long as it meets the requirements of a valid contract, including the presence of mutual consent, lawful object, and consideration.

Yes, a constitutum can be used to discharge a debt by modifying the terms of repayment. For example, the creditor may agree to accept a lower amount as a full payment or allow the debtor to pay in installments.

Yes, a constitutum can be enforced in court if one party fails to fulfil their obligations as agreed upon. The non-breaching party can seek legal remedies, such as monetary damages or specific performance.

A constitutum can be revoked or cancelled if both parties agree to do so. However, it is important to note that any modifications made to the original debt must be agreed upon by both parties.

Yes, a constitutum can be used for any type of debt, including loans, mortgages, or credit card debts. It provides a flexible mechanism for modifying the terms of repayment.

No, a constitutum cannot be used to transfer a debt to a third party. It only allows for modifications between the original debtor and creditor.

While a written agreement is not always required for a constitutum to be valid, it is highly recommended to have the terms of the modification in writing to avoid any disputes or misunderstandings.

No, a constitutum is specifically used for modifying debt repayment terms. It cannot be used to modify other contractual obligations unrelated to debt.

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This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.

This glossary post was last updated: 23rd April 2024.

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