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:

Related MCQs

• 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.
• 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.
• 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 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
• 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?
• A is indebted to ABC Corporation in the amount of P100M. Despite efforts to collect from A, the latter failed to pay due to business reverses as he has no more assets. In order to maintain a more accurate inventory of the worth of its current assets, ABC Corp. was forced to write-off A’s obligation. One (1) year later, A won the lotto draw in the US in the amount of $100M. Learning of the good luck of A, it demanded for payment, but A refused to pay contending that his obligation was extinguished when it was written-off. Is A correct?
• When two or more persons are liable under a contract or under a judgment to presumption is that their obligations is solidary and each debtor is liable for the entire obligations.
• Marvin was married to Charina on February 14, 1990. Charina gave birth to a baby girl she named Noreen. Due to irreconcilable differences, Marvin left the conjugal dwelling. Charina, on the other hand fell in love with David and they decided to live together as husband and wife on May 12, 1992. Six (6) years after or on September 8, 1998, Marvin died in an accident. Free at last, Charina and David decided to get married on February 14, 2000 executing an affidavit that they have been living together as husband and wife for more than five (5) years. The marriage took place but the solemnizing officer failed to execute an affidavit that he ascertained the qualifications of the contracting parties. Two (2) years later, Charina died living a considerable amount of properties. Noreen, assisted by her grandparents, filed a petition questioning the validity of her marriage to David. If you were the judge, how will you decide on the petition?
• A and B are capitalist partners, with C as an industrial partner. A and B contributed P15, 000.00 each to the capital of the partnership. A contractual liability of P40, 000.00 was incurred by the partnership in favor of X. If the capital assets have been exhausted to pay X, leaving a contractual liability of P10, 000.00, X can recover the amount from: