An obligation is extinguished by performance, release, set-off, novation, merger, impossibility not attributable to the debtor, prescription, or any other mode recognised by law.
Prescription of contractual claims occurs after five years from the date on which the creditor knew or ought to have known of the right to claim, unless the law provides a different period.
Where two persons owe each other debts of the same kind and both debts are due, either party may declare set-off to the extent of the lesser debt.
Novation extinguishes an obligation and replaces it with a new one. Novation does not extinguish accessory obligations unless the parties so agree.