When the debtor binds himself to pay when his means shall permit him to do so,

Related MCQs

• Mr. Debtor owes Mr. Creditor as follows: P10, 000 due February 5; P10, 000 due March 5 and P10, 000 due April 5, all during the current year. Mr. Debtor has only P10, 000 and cannot pay all his obligations. If Mr. Debtor decides to pay P10, 000, the amount shall apply:
• Debtor owes Creditor P20, 000. On the due date of the obligation, Debtor could not pay. Debtor instead offered his TV set worth P20,000 in payment of the obligation. Creditor agrees.
• Mr. Debtor owes fifteen (15) persons substantial amounts of money. His financial situation indicates that his liabilities for exceed his assets. If Mr. Debtor cedes or assigns his properties to his creditors,
• Where the debtor has various debts of the same kind in favor of the same creditor and on the due date the debtor does not have sufficient funds to cover all the debts, the debtor may avail of
• Debtor owes Creditor P500,000. The debt is secured by a chattel mortgage on Debtor’s car. On the due date of the obligation, Creditor is paid by Third Person who has no interest in the obligation either as guarantor or surety. There is likewise no stipulation as to Third Person’s right to pay.
• The court may fix the period of payment when the duration depends upon the will of the debtor like in: “When my means permit me to do so”, or “as soon as possible”, or “as soon as I have money”
• A & B entered into a contract of sale, A, obligating himself to deliver his house and lot to B who obligated himself to pay P2M upon delivery. B has already paid, but A has not delivered the house and lot despite demand. State the remedy of B.
• In 1986, Jennifer and Brad were madly in love. In 1989, because a certain Picasso painting reminded brad of her, Jennifer acquired it and placed it in his bedroom. In 1990, Brad and Jennifer broke up. While Brad was mending his broken hearth, he met Angie and fell in love. Because the Picasso painting reminded Angie of him, Brad in his will bequeathed the painting to Angie. Brad died 1995. Saddened by Brad’s death, Jennifer asked for the Picasso painting as a remembrance of him. Angie refused and claimed that Brad, in his will, bequeathed the painting to her is Angie correct? Why or why not?
• Mr. Debtor owes Mr. Creditor P100, 000. On the due date, Mr. Debtor delivers a cashier’s check for the full amount. Mr. Creditor refuses to accept the check.
• Mr. Debtor executed a promissory note in favor of Mr. Creditor in the amount of P100, 000. The debt is secured by a pledge on a ring owned by Mr. Debtor. Which among the following is most likely correct?