X, Y & Z entered into a contract of loan with A obligating themselves solidarily to pay to A without need of demand on June 16. A condoned X’s obligation; Y is insolvent. How much can A collect if the amount is P900,000.00?

Related MCQs

• 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?
• 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.
• A & B entered into a contract of loan in the amount of P1M with interest at 192% per annum. When the obligation became due and demandable B failed to pay despite demand, hence, A filed a complaint against B. On the interest rate, what is a valid contention of B?
• Magdalene and Shantung Company entered into a contract of agency before the consul general of the Philippines in Singapore. They stipulated that Magdalene shall be the administrator of the real properties of Shantung Company in the said country. By virtue of the said contract, Magdalene sold the 1 hectare land of Shantung Company located in Singapore to Mayhem Real Estate Corporation without any special power of attorney. The said contract of sale was executed before the vice consul of the Philippines in Singapore. Under the laws of Singapore, the sale of a real property by an agent without a special power of attorney is valid. Shantung Company filed a suit for the annulment of the contract of sale on the ground that Magdalene has no authority to sell the property. If you were the judge, which of the following courses of action should you take?
• X and Y executed a contract of lease, which provides as follows: “In the event that the lessee fails to pay on or before the due date of payment herein specified, the contract is deemed automatically terminated” and the lessee can be evicted without need of judicial order. Suppose that Y, the lessee fails to pay the rentals after giving a demand letter, may X, the lessor evict Y immediately?
• A is the owner of a parcel of land. He entered into a contract to sell with B with an obligation to pay the price within one (1) year. B failed to pay. State the effect of non-payment.
• A & B entered into a contract of pledge, where B delivered his car to A as security for the payment of an obligation in the amount of P2M. For failure of B to pay what is the remedy of A?
• A contract of lease was entered into between A & B with a provision that it is for a period of 5 years renewable for another 5 years. The contract expired on June 30, 2010 but up to now, the lessee is still in possession of the premises. What does the implicit renewal of the contract mean?
• A & B entered into a contract of sale over A’s car for P500,000.00. A has to register the car first before payment and delivery. After the registration of the car, A called up B that the car was ready for pick up. B asked him to send his driver to deliver the car as he was going to pay before delivery. B was able to convince the driver to leave the car at his garage and will just deposit the amount with A’s account for fear that the driver might be the subject of a hold-up. Instead of depositing the amount, he sold the car to C. Can A recover the car from C?
• A and B entered into a contract of sale over A’s property. The document that evidences the contract did not state how much was paid, but A delivered the property to B. What is the nature of the contract?