Jose obtained a loan from Pedro amounting to PhP1 Million. As a security, Jose mortgaged his land (with a fair market value of PhP700,000.00) to Pedro. Subsequently, Jose sold the land to Mario. What is the effect of the sale of the land to the obligation of Jose to Pedro? Assuming Jose could not pay his obligation, what are the remedies of Pedro? Explain your answer.
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- Mr. and Mrs. George enter into a written, signed agreement to buy a house owned by Samantha Jones. In the contract, it says that the sale will go forward if the Georges obtain financing for the mortgage. What kind of condition is this? Explain.Now, assume that the Georges successfully obtained the financing; but, and Samantha Jones is now refusing to sell them the house. Do the Georges have any recourse? Explain in detail.A binds himself to give P10,000 to B upon the death of the father of A. Is the obligation of A conditional or one with a period? L (seller) sold his TV set to M (buyer), who gave L the option to deliver instead his refrigerator. Is L liable to M in case the TV is lost through L’s fault?S (debtor) is indebted to T (creditor) in the amount of PhP50,000.00. S proposed to T that Y will be the one to pay the debt, making him (Y) as the new debtor. T agreed to the proposal. It turned out, however, that Y is insolvent so T was not able to collect the amount due from Y. Question: Can T enforce the obligation to S, given the insolvency of Y? Explain your answer.
- S (debtor) is indebted to T (creditor) in the amount of PhP50,000.00. S proposed to T that Y will be the one to pay the debt, making him (Y) as the new debtor. T agreed to the proposal. It turned out, however, that Y is insolvent so T was not able to collect the amount due from Y. Question: Can T enforce the obligation to S, given the insolvency of Y? Explain1. What are the requisites of a fortuitous event? 2. Juan is obliged to give Pedro a specific watch, a specific ring or at specific bracelet. The parties agreed that Pedro will have the right to choose the thing which will be given to him. Before Pedrocould make his choice, the watch and the ring are lost through Juan's fault, successively. What are Pedro's Rights? Explain. 3. Tito and Vic are indebted to Aida and Loma for P10,000.00. Tito and Vic share in the debt in the ratio of 1:3 while Aida and Loma share in the credit in the ratio of 2:3 How much may Aida collect from Tito? Explain. 4. Explain and Give an example of the following modes of extinguishing an obligation. a. Confusion or merger b. Tender of Payment: C. Novation d. Compensation 5. A borrowed P30,000.00 from B to be paid on September 10, 2016, in exchange. for the loan, A surrendered his Iphone7 to B as security. On September 11, 2016, B demanded that A pay the P30,000.00 loan. Since A do not have enough money.…-G, guardian of M, sold the latter’s parcel of land worth P100,000 for only P90,000. Is the contract rescissible? Explain. -X orally sold his lot to Y for P500,000 and the latter gave an earnest money in the amount of P50,000 which the former acknowledged in a receipt. Later on, X refused to comply with the contract. Can Y enforce the contract against X? Explain.
- Fatima and Saira are sisters. They own a land. Fatima and Saira gave their land to Fatima's daughter, Mariam. The land was given to Mariam by Fatima on the condition that she will pay 200 OMR to Saira every year. The daughter agrees to the condition and signs the agreement, but later does not pay it. So, Saira has filed a complaint against Mariam. Questions a. Can Saira claim the payment from Mariam? Explain why or why not? b. Is the contract in this case enforceable by law? Explain why or why not?1. Define compensation as a mode of extinguishing an obligation, and distinguish it from payment. 2. Ayen, Tristan and joey are solidary debtors under a loan obligation of P900,000.00 which has fallen due. However, Adolf, the creditor, condoned Ayen’s entire share in the debt. Since Tristan has become insolvent, Adolf makes a demand on Joey to pay the debt. 4.a) How much, if any, may Joey be compelled to pay? 4.b) To what extent, if at all, can Ayen be compelled by Joey to contribute to such payment?aRhonda owns an office building that has an adjusted basis of $45,000. The building is subject to a mortgage of $20,000. She transfers the building to Miguel in exchange for $15,000 cash and a warehouse with an FMV of $50,000. Miguel assumes the mortgage on the building. Required: What are LaRhonda’s realized and recognized gain or loss? What is her basis in the newly acquired warehouse?
- 4. Samantha borrowed P100,000 from Paola. On due date of the loan, Samantha could not pay Paola because she lost to a robber the P100,000 intended for the payment of her debt. In addition, she suffered financial problems, and she was short of cash even for her current family needs. Can Samantha legally justify her inability to pay Paola? Explain.The following are conditional obligations, except * Dante to pay Carlos P 1,000, if Carlos has the means. Dante to give Carlos P 1,000, if Carlos passes the examination. Dante to give Carlos a horse, if Carlos marries X. None of the above.Mary purchases a property with the help of a fixed-rate loan. Why is Mary considered the mortgagor and the lender the mortgagee? Mary is not considered the mortgagor. Since she received a loan from a lender, she is considered the mortgagee. • O A mortgage is a legal document that gives the lender the right to foreclose on the property if Mary defaults on the loan. Mary gives this security to the lender, and in return, the lender gives Mary the loan. Since Mary is giving the mortgage to the lender she is considered the mortgagor. Since Mary recently obtained the loan, she is still considered the mortgagor. Once the loan is paid off, she will be considered the mortgagee. O Since Mary obtained a fixed-rate loan, she is considered the mortgagor. If she obtained any other type of loan, she would be considered the mortgagee.