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Obligations and Contracts

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Axel Aberin

on 6 October 2012

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Transcript of Obligations and Contracts

Extinguishment of Obligations OBLIGATIONS AND CONTRACTS Gody obtained a loan from Eusebio in the amount of PhP10,000.00 payable on June 30, 2005 plus 10% interest. On January 2, 2005, Gody won PhP100, 000.00 in a bingo game and he offered to pay PhP10,000.00 to Eusebio. Eusebio refused to accept the payment offered by Gody. Which of the following statements is correct?

a. Eusebio can be compelled to accept the payment offered by Gody because the amount being offered is complete.
b. Eusebio can be compelled to accept the payment being offered if the interest will be reduced.
c. Gody cannot compel Eusebio to accept the amount offered by him because the period for payment has not yet arrived.
d. None of the above. PAYMENT/PERFORMANCE:

1. Person who Pays
2. Person to whom Payment is made
3. Things to be paid
4. Manner, time, and place of payment Seller wrote a letter to Buyer offering to sell a piece of land for P500,000. Seller gave Buyer two months to decide and pay the purchase price. Before the lapse of two months, Seller wrote Buyer that the price is now P700,000. Buyer insisted on an acceptance for P500,000. He wants to compel Seller to execute a deed of sale for the original offer of P500,000. May the Seller be compelled to honor the P500,000 offer?
a. No, because Buyer did not accept the original offer.
b. Yes, because two months have not yet elapsed.
c. Yes, because Seller is estoppel by his original letter.
d. Yes, because there was a meeting of the minds. Which of the following is correct?
a. The disposition by the debtor of his assets to the prejudice of the creditor is void.
b. A relatively simulated contract is void.
c. An unenforceable contract is void.
d. A voidable contract produces legal effects. Which is not an element of Novation?
a. The new obligation is laid down in unequivocal terms
b. The new and the old obligations must be on every point incompatible with the other
c. Each of the obligations must have its independent existence
d. If they are compatible, the new obligation novates the first Nik sold to Paul a real property payable in monthly installments within a 5 year period, Paul was only able to pay 14 monthly installments, after the 60 day grace period and after 30 days of Paul’s receipt of the notice and letter calling for the rescission of the contract Nik rescinded the same. Paul contended that there was an automatic rescission done by Nik, hence, the same was void. Give the best answer.
a. The rescission done by Nik was in faithful compliance with the Maceda Law, as the grace period and the sending of notices was complied before rescission
b. The rescission done by Nik was void as it fell short on compliance with the law, as the notices sent by the latter would not suffice the requirement of a notarial act.
c. Paul has a right to demand payment for damages caused by the automatic rescission done by Nik, the same being void under RA6552
d. Answer not given Other Causes of Extinguishment:

-Fulfillment of Resolutory Condition
-Prescription Obligations are Extinguished:

a. Payment or Performance
b. Loss of the thing due
c. Condonation or Remission of the debt
d. Confusion or Merger of the Rights of the Creditor and Debtor
e. Compensation
f. Novation Additional Causes:

-Arrival of Resolutory Period
-Mutual Dissent
-Renunciation by the Creditor
-Insolvency Which of the following statements is correct?

a. Negligence signifies the idea of delay in the fulfillment of an obligation.
b. Delay or default means the failure to perform the obligation on the date agreed upon by the parties.
c. Incidental fraud is one committed in the performance of an obligation.
d. Proper diligence of a good father of a family means extra-ordinary diligence. S and B entered into a sale of a four-hectare land for P1 million. S prepared the Deed of Sale and with fraudulent intent and taking advantage of B’’ failing eyesight changed the area of the land to reflect an area less than what had been agreed upon. The remedy of B upon discovery of the fraud is,
a. Annulment
b. Reformation of the contract
c. Rescission
d. Answer not given On June 5, 2000, Jose Dizon was supposed to deliver to Ruben Samia a specified red car. There was no delivery however, on said date. On June 15, 2000, the garage of the car collapsed because of an earthquake and the car was totally destroyed. Is Jose Dizon liable?
a. No, because he could plead impossibility of performance due to a fortuitous event even if he is in default.
b. Yes, because Jose Dizon is in legal delay.
c. No, because there was no demand and the car was lost through a fortuitous event.
d. Yes, because there is a perfected contract. The lose of a determinate thing extinguishes the obligation to deliver by the obligor who is guilty of fault or delay.
a. True
b. False
c. None of the above An obligation subject to a resolutory condition is immediately demandable but is extinguished upon the happening of the condition.
a. True
b. False
c. None of the above DACION EN PAGO:
--the mode of extinguishing an obligation whereby the debtor alienates in favor of the creditor property for the satisfaction of monetary debt; extinguish up to amount of property unless with contrary stipulation. Conditions fora valid dacion:
-if creditor consents, for a sale presupposes the consent of both parties.
--if dacion will not prejudice the other creditors.
--if debtor is not judicially declared insolvent. Cession/Assignment in favor of creditors:
The process by which debtor transfer all the properties not subject to execution in favor of creditors is that the latter may sell them and thus, apply the proceeds to their credits; extinguish up to amount of the net proceeds (unless with contrary stipulation)

-Legal--governed by the insolvency law
-Voluntary--agreement of creditors Requisites for voluntary assignmnet:
--more than 1 debt
--more than 1 creditor
--complete or partial insolvency of the creditor
--acception or consent on the part of the creditor Effects:
--creditors do not become the owner; they are merely asignees with authority to sell.
--debtor is released up to the amount of the net proceeds of the sale, unless there is a stipulation to the contrary.
--creditors will collect credits in order of preference agreed upon, or in the order ordinarily established by law. Consignation:
--the act of depositing the thing due with the court or judicial authorities whenever the creditor cannot accept or refuses to accept payment; generally requires prior tender of payment.

Tender--the act of offering the creditor what is due to him together with demand that the creditor accept the same.
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