Section 351.- If the obligation resulting from a novation does not come into existence, or is annulled, because of an illegality in its ground or because of some reason unknown to the parties, the original obligation is not extinguished.

 

Section 352.- The parties to a novation may, to the extent of the subject of the original obligation, transfer a right of pledge or mortgage given as security for it to the new obligation ; but if such security was given by a third person, his consent is necessary.

 

PART V

MERGER

 

Section 353.- If rights and liabilities in an obligation become vested in the same person, the obligation is extinguished, except when it has become the subject of the right of a third person, or when a bill has been re-indorsed according to Section 917 paragraph 3.

 

TITLE II

CONTRACT

CHAPTER I

FORMATION OF CONTRACT

 

Section 354.- An offer to make a contract in which a period for acceptance is specified cannot be withdrawn within such period.

 

Section 355.- A person who, without specifying a period for acceptance, makes an offer to another at a distance cannot withdraw his offer within a time within which notice of acceptance might reasonably be accepted.

 

Section 356.- An offer made to a person, who is present without specifying a period for acceptance, may be accepted only there and then. This applies also to an offer made by one person to another on the telephone.

 

Section 357.- An offer ceases to be binding if it is refused to the offeror, or if it is not accepted in due time according to the three foregoing sections.

 

Section 358.- If the notice of acceptance arrives out of time, but it is apparent that it was sent in such manner that in the ordinary course of things it ought to have arrived in due time, the offeror, unless he has already done so, must without delay give notice to the other party of the delayed arrival.

If the offeror fail to give the notice mentioned in the foregoing paragraph, the notice of the acceptance is deemed not to have been out of time.