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ACC 108
The Law on Obligations and Contracts
Definition of Law
Art. 308. Who are liable for theft. — Theft is committed by any person
who, with intent to gain but without violence against or intimidation of
persons nor force upon things, shall take personal property of another
without the latter's consent.
Theft is likewise committed by:
1. Any person who, having found lost property, shall fail to deliver the
same to the local authorities or to its owner; xxx
Sources of Law –
Executive/Administrative Orders
• Implementing Rules and Regulations (IRRs) of
various legislative enactments;
• BIR Regulations;
• DOJ Circulars;
• Securities and Exchange Commission Opinions;
• CHED Memos.
Illustration - Jurisprudence
Generic Specific
A watch This watch I am wearing
A red car A car with plate number ABC-1234
A house A house located at corner JA Clarin
and Upper Calceta Streets
A sack of rice This sack of rice
A police dog The police dog named Kitty
P10,000 cash 100 pcs. of P100 bills with serial
numbers FB799101 to FB799200
Article 1163
Personal Real
Right Right enforceable Right enforceable
against a specific against the whole
person world
Obligation Obligation to do/not Obligation to deliver a
to do thing
Article 1165
• http://bit.ly/acc108oblicon
Article 1167