Define the following:  Condition  Civil loss  Reciprocal obligations  Pure obligation  Potestative condition  Problems Explain or state briefly the rule or reason for your answer. 1. D (debtor) borrowed P20,000 from C (creditor) payable on or before August 30. Before the arrival of the due date, C agreed to the promise of B to pay C if B wants. Can C insist that B pay not later than August 30? 2. Suppose in the same problem, D obliges himself to pay C P10,000 after C has paid his obligation to T. Is the obligation valid? 3. S (seller) agreed to sell to B (buyer) a specific car for P200,000, delivery of the car and the payment of the price to be made on June 15. Suppose S delivered the car on June 15 but B failed to pay the price, what are the remedies of S? 4. S sold a parcel of land to B for P240,000 payable in installments of P20,000 a year. The land was delivered to B who obtained ownership thereof. After B had paid P200,000, he could no longer continuing paying in view of financial reverses but he was willing to pay the balance of P40,000 if given more time. Thereupon, S sued for rescission under Article 1191. If you were the judge, would you grant rescission? 5. D (debtor) binds himself to pay C (creditor) a sum of money. Give the three cases when the obligation of D is demandable at once by C?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Define the following: 

  1. Condition 
  2. Civil loss 
  3. Reciprocal obligations 
  4. Pure obligation 
  5. Potestative condition 

Problems Explain or state briefly the rule or reason for your answer.

1. D (debtor) borrowed P20,000 from C (creditor) payable on or before August 30. Before the arrival of the due date, C agreed to the promise of B to pay C if B wants. Can C insist that B pay not later than August 30?

2. Suppose in the same problem, D obliges himself to pay C P10,000 after C has paid his obligation to T. Is the obligation valid?

3. S (seller) agreed to sell to B (buyer) a specific car for P200,000, delivery of the car and the payment of the price to be made on June 15. Suppose S delivered the car on June 15 but B failed to pay the price, what are the remedies of S?

4. S sold a parcel of land to B for P240,000 payable in installments of P20,000 a year. The land was delivered to B who obtained ownership thereof. After B had paid P200,000, he could no longer continuing paying in view of financial reverses but he was willing to pay the balance of P40,000 if given more time. Thereupon, S sued for rescission under Article 1191. If you were the judge, would you grant rescission?

5. D (debtor) binds himself to pay C (creditor) a sum of money. Give the three cases when the obligation of D is demandable at once by C?

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