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WebCode of the Philippines. Part 1: The Law on Obligations. Chapter 1-General Provisions. - Obligation is derived from the Latin word obligation which means. tying or binding. - An obligation is a bond recognized by law by virtue of which one is. bound in favor of another to render something- giving a thing, doing an. Web1. GENERAL CONCEPTS. 1.01. Commercial law has been defined as that branch of. private law which regulates the juridical relations. arising from commercial acts and according to which. the questions or controversies which may arise. therefrom are resolved (Vivante’s Institutiones, p. 3; fish stencils for wood
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