On September 21, 2010, Piolo agreed to sell his only carabao to Sam and Sam agreed to pay the price of P25,000 if Sam will pass the October 2010 CPA Examination. The list of successful examinees was released on October 21, 2010 and Sam is one of those who passed the examination. As a result, Piolo is entitled to the P25,000 price plus interest beginning September 21, 2010. Sam is entitled to the carabao and its fruits beginning September 21, 2010. Sam is entitled to the carabao beginning September 21, 2010 and to its fruits beginning October 21, 2010. Piolo shall deliver the fruits of the carabao and Sam shall pay the interest on the price beginning September 21, 2010
On September 21, 2010, Piolo agreed to sell his only carabao to Sam and Sam agreed to pay the price of P25,000 if Sam will pass the October 2010 CPA Examination. The list of successful examinees was released on October 21, 2010 and Sam is one of those who passed the examination. As a result, Piolo is entitled to the P25,000 price plus interest beginning September 21, 2010. Sam is entitled to the carabao and its fruits beginning September 21, 2010. Sam is entitled to the carabao beginning September 21, 2010 and to its fruits beginning October 21, 2010. Piolo shall deliver the fruits of the carabao and Sam shall pay the interest on the price beginning September 21, 2010
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
On September 21, 2010, Piolo agreed to sell his only carabao to Sam and Sam agreed to pay the price of P25,000 if Sam will pass the October 2010 CPA Examination. The list of successful examinees was released on October 21, 2010 and Sam is one of those who passed the examination. As a result,
Piolo is entitled to the P25,000 price plus interest beginning September 21, 2010.
Sam is entitled to the carabao and its fruits beginning September 21, 2010.
Sam is entitled to the carabao beginning September 21, 2010 and to its fruits beginning October 21, 2010.
Piolo shall deliver the fruits of the carabao and Sam shall pay the interest on the price beginning September 21, 2010
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