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QUIZ 9 – 120 items 1.
A survivor ship agreement that upon the death of 1 of the joint account holders the full amount of money in their account shall become the property of the survivor is a valid aleatory contract.
F. It is prohibited.
2.
Betting in a basketball game is valid because it is not a F game of chance. Not a game of chance, nut under PD438, it is prohibited.
3.
A manufacturer or seller of a prodcut cannot be held liable for any damage casued by the product in absence of proof that product was defective
T
4.
A single transaction whereby 2 or more persons contribute funds to buy certain real estate for profit creates partnership only to that particular transaction.
F An isolated transaction whereby 2 or more persons contribute funds to buy certail RP for profit in the abasnece of other circumstances showing contrary intention cannot be considered partnership.
5.
The liability for a contract entered into on behald of an unincorporated association or ostensible corporation may be in a person who may not have directly transacted on its behalf, but reaped benefits from the contract.
T
6.
A stipulation in a contract of partnership that upon the death of a partner, the partnership shall continue to exist amongs the surviving partners and the heir/s of the deceased partner is valid.
7.
Where the title to RP is in the name of the partners in conveyance executed by all partners passes all their rights in such property.
8.
If the cause is not justified or no casue was given, withdrawing managing partner named in AOP may be compelled to remain in the firm until selection of replacement and amendment of AOP.
9.
Acquisiton of 62% of hte partnership interest by new partners, coupled with retirement or withdrawal of partners who had originally owned such interest, results to constitution of new partnership.
T
10. A partnership which does not fix its term is also referred as a Partnership w/o term.
F Partnership at will
11. An action broguth by atty in fact in his own name instead of hte pricnipal will not prosper unless name of principal is disclosed in the body of complaint.
F Atty in fact cannot file an action.
12. Liability arising from a partner's negligence shall be solidary among the guilty partner, innocent partners, and partnership.
T
13. Prescription of right to inqurie on the business affairs of T partnership or demand an accounting starts to run from the dissolution of partnerhsip. 14. The agent's interst in his promised commission upon completion of his obligation makes agency coupled w/ interest.
F Not an agency coupled w/ interest.
15. Principal cannot be held liable for actions of agents outside scope of their auhtority even if principal received benefits from the same.
F Acts beyond authority do not binid unless ratified.
16. Broker may still claim for commission depsite absence of authoritsation from principal.
T
17. Power to foreclosre given to mortgage is govered by rules on ordinary agency.
F Not an ordinary agency.
18. As between the parties to the agency, socpe of agent's T authority is what appears in written terms of power of
atty regardless of different insturctions from principal becuase 3rd parties are not bound to inquire on hte written terms. 19. There is an implied trust when property is sold, and hte T legal estate is granted to 1 party but the price paid by another fro the purpose of having the beneficial interest of the orperty. 20. If a person obtains legal title to property by fraud and T concealment, courts of equity will impress upon hte title is so called resulting trust in favor of the defrauded party. 21. In an express trust, acceptance by the trustee is necessary fro the creation of the trust.
T
22. A trustor may not have the capacity to transfer property. 23. Trusts over RP are enforceable in any form.
F 1143
24. Trustee can acquire trist property by adverse possession even w/o repudation of trust.
F One of the requisites of trustee to claim title by prescription is performance of open and unequivocal acts of repudiation.
25. An express trust concerning an immovable or any interest may be proved by parole evidence.
F It may not be proven by parole evidence.
26. In an implied trust over a parcel of land, action to recover msut be brought w/in 5 years from issuance of title to property.
F 10 years
27. For an aciton for reconveyance based on fraud to prosper, petititoner must prove by CCE only his title to the property.
F Title and fact of fraud.
28. Prescription will lie in favor of persons who are not in F possession of the disputed land provided they claim an interest thereon. 29. In our jurisdiction, it is an enshrined rule that even a registered owner of proeprty may be barred from recovering possesion of property by viurtue of laches.
T
30. Refusal on part of borrower to exxecute an agreeemtn to cover the after-acquired obligsation can constityte an act of default on the part of the borrrower and the foreclusre may cover debts incurred after the time of constiution of CM sought to be foreclosed.
T
31. The rules governing loans or forbearances may be appliued by analogy to discounts. 32. Where indebtedness actually owing to the holder of morotgage is less than sum named in the mortgage, mortgage may be enforced fro more than the actual sum due.
F Where indebtedness actuallu pwing to holder of mortaage is less than sum named in mortgage, mortgage cannot benforced for mo rethan the actual sum,
33. In a loan transaction, obligation to pay a sum certain in money may be paid in money or by use of check if agreed upon. 34. Failre of entrutee to turn over proceeds of sale of goods, covered by trust receipts to entruster or to return said goods when not disposed of in accoradance with the terms of trust receipt creates a civil obligation but not a criminal case.
F Liable for estafa
35. Legal rate for loan/forbearance of money may be applied to an obligsation arising from a piece of work.
T
36. If obligation constits in the payment of sum of money, and the debtor incurs in delay, indemnity for damages, there being no stipulation to the contrary, shall be the
T
payment of interest agreed upon, and in the absence of stipulation, legal interest which is 6% per annum. 37. In simple loan with stipulation of usurious interest, prestation of debtor to pay the principal debt, which is the cause of contract becomes ilelgal.
F Illegality lies only as to the presation to pay stipulated interest
38. In cases where no interest has been stipulated by the F parties, as in case of PH American Accident Insurance, No interest was stipulated accrued conventional interest could further earn interest upon judicial demand. 39. A registered mortgage right over the property is inferior T to an unrecroded sale. 40. Exemplary dmaages are awarded for wanton acts and granted by way of compensation for damages suffered by plaintiff so as to ____ others as a sort of deferrent. 41. Loss of earning capacty cannot be awarded in case of damages predicated on breach of contract. 42. Temparate damages are more than nominal damages and inteded as a reasonable compensation fro injury sustained even in the documentary proof. 43. Moral damages may not be recovered in cases of seduction if the victim was already an adult at the time she had an affair with the _____ 44. The seller of a car which was repossessed for appraisal purposes can still claim fro the balance of the purchase price 45. The owner of establishment are solidary liable with their driver fro any accident resukting from latter's negligent operation of the vehicle provided said owners were riding therein at the time of mishap. 46. Vendor of personal property sold on isntallment basis is not precluded after foreclosing the CM on the thing sold, from having recourse against the additional security put up by a 3rd party to guarantee the purchaser's performance of his obligation because the rifghts eminate from different contracts. 47. Whenever a price of rural land not exceeding 1 hectare is alienated ,law grantes the adjoining owners a right of redemption even if grantee or buyer does not own any other rural land. 48. When a 3rd person claims a legal right to the property leased, it is a tresspass in fact for which lessor shall not be liable unless stipualted. 49. The mere act of submitting a case to auhtorities for prosecution makes 1 liable for malciious prosecution.
F
50. A private complainant can be held liable for malicious prosceution if accused is acquitted by RTC on reasoanbale doubt.
F
51. In case of GF, damages recoverable from breach of contract are those which are the natural and probable consequences of the berach of obligation, WON the parties could have reasonably foreseen them or not.
T
52. In rape cases, the court may, in discretion, award moral damages to victim without need fro pleading or proof of the basis thereof.
F
53. On issued of public humiliation, the courts conider the F social standing and profession of a perosn in awarding him actual damages. 54. The diligence required of banks is more than that of a
T
good father of a fmily. 55. Payment of obligation in foreign currency is prohibited.
F
56. A loan of use exists when a person receives a loan of money or any other fundible thing and acquires ownership tehreof. 57. Failure to pay installment payments in a contract to sell T is a berach thatwill justify rescission of contract. 58. Specially preffered credits must be sastisfied first before ordinary credits under 2244 be paid according to their priority.
T
59. In precarium, bailor can demand the return of the thing T at will from bailee. 60. Execution of deed of assignment in liue of surety bond will have same effect as deation in payment.
F
61. Forged deed of sale may become root of vlaid title if certificate has already been trasnferred from the name of true owner to the name of forger.
F
62. Mortgagee may insure the mortgaged property for his benefit but not for his sole benfit.
T
63. Doctrine of LCC means that even though a person/s own acts may have placed him in a position of peril, and an injury results the injured person is not entitiled to recovery and partiesm ust suffer own damages.
F
64. In res ipsa loquitor, burden or proof remains on plaintiff F to prove that injury arose from defendant's want of care. 65. Recover actual daamges, it is not necessary to prove actual amount of loss with reasonable degree of certainty.
T
66. Grant of atty fees as part of damages is exception rather than the rule and counsel's fees are not awarded every tiem a party prevails in suit.
T
67. Principal of an acadamic school is liable for tort committed by student.
F
68. Moral damages are generally recoverable in an action for berach of contract beccause every person msut comply with his contractual obligation in GF.
F
69. If the safekeeping of the thing delivered is not the principal purpose of the contract, rules on deposit should still govern.
F
70. A contract of sale is void and produces no effect whatsover where price which appears therein as paid, has in fact never been paid by purchaser to vendor. 71. Generally, malice can be presumed from defamatory words but privileged character of a ocmmunication destroys the persumption of malice.
T
72. An interest rate of 2% a month is iniquitous and stipulation of interest payment is void.
F
73. The court in Atlantic Gulf vs CA did not exceed its jurisdiction when it modified the judgment of trial court by increasing the award of damages in favor of the private respondents who, in the first place, did not impose an appeal therefrom.
F
74. When the judgment aweading sum of money becomes T FE, the monetary award shall earn interest at 6% per annum from the date of such finality until its satisfaction, regardless of whether the case involves a
loan or forbearance of sum of money. 75. A claim for damages sustained on a shipment of goods T is a solidary oblgiation of shipper, common carrier and arrastre operator, and customs brakers. 76. All the claims under 2242 must be paid pro rata. FROM QUIZ 8 → 76-119 1. Future debts of unknown amount may not be guaranteed because there is no principal obligation yet.
F A guaranty may also be given as security for future debts.
2.
Guaranty must be express but exceptionally it may be implied from acts of the guarantor as in guaranty by estoppel
F A guaranty is not presumed; it must be express and cannot extend to more than what is stipulated therein.
3.
The guarantor can bind himself for more than what the debtor is liable for but not for less
F A guarantor may bind himself for less, but not for more than.
4.
If the parties avail of contractual provision for automatic extension, the guarantor will be released
T
5.
In case of a merger between the debtor and the guarantor, the guaranty is extinguished but a subguarantor, if any, is released
F Guaranty is accessory and subsidiary.
6.
There is no excussion/exhaustion in judicial guaranty
T
7.
When the principal obligation is modified by agreement, the guarantor is released if he didn’t agree to the modification even if the modified obligation will be less onerous
F Alteration should be onerous as to impose a new obli or add burden to the guarantor
8.
A remission in favor of 1 of 5 guarantors extinguishes the principal obligation but only to the extent of 1/5
F Extinguished only if remission is made w/out the consent of the other Gs
9. 10. 11. 12.
Necessary and useful expenses Termination of usufruct Execution of work upon a movable Agent’s right to retention of objects of an agency until principal effects reimbursement and pays indemnity 13. Depositary 14. Hotel keepers
EXAMPLES OF LEGAL PLEDGE
15. File application before the executive judge thru the clerk of court 16. Clerk will examine WON there was compliance with posting of notice and publication 17. Raffling of application among sheriffs 18. Auction sale may be had even if there is only 1 participating bidder 19. Clerk shall issue a certificate of payment 20. Certificate of sale must be approved by the EJ 21. Archival of records
7 CONDITIONS AND RULES FOR VALID EXTRAJUDICIAL FORECLOSURE OF A THING PLEDGED
22. For all intents and purposes of pledge is extinguished when thing pledged is in the possession of pledgor
F Only a disputable presumption.
23. The rules governing possession and preservation of a thing pledged by agreement shall apply to legal pledges.
T
24. Take care w/ diligence of good father of family 25. Liable for loss or deteriorioration by reason of fraud, negligence, delay or violation of contract 26. Not deposit with a 3rd person
3 OBLIGATIONS OF PLEDGEE
27. Gratuitous 28. Only movable property
CHARACTERISTICS AND FEATURES OF CONVENTIONAL DEPOSIT
29. 30. 31. 32.
Voluntary or necessary Real Unilateral if gratuitous Bilateral if for compensation
33. Safekeep 34. Return when required 35. Liable for loss through his fault or negligence
OBLIGATION OF DEPOSITARY
JUDICIAL VS CONVENTIONAL DEPOSIT 36. X 37. x 38. x 39. x
Judicial 1. Court orders the attachment/seizure 2. Movable or immovable 3. Delivery is made by court order 4. Attachment or seizure
EJ 1. Necessary or voluntary 2. Only movable 3. Delivery may be made by will of depositor 4. Compliance with legal obligsation or calamity
SOLIDARY GUARANTOR VS SOLIDARY DEBTOR 40. x 41. x 42. x 43. x 44. x
SD 1. Debt shall be paid 2. Solidary and primarily liable 3. Not entitled to excussion 4. Original promisor 5. Bound to know every default
SG 1. Debtor shall pay 2. Subsidiarily liable 3. Entitled to excussio 4. Collateral undertaking 5. No need for notice
WAREHOUSE 1. The warehouse receitps law applies to all warehouses, whether private or publuc, bonded or not. 2.
Mere fact that the goods deposited are incorrectly described does not make ineffective the receipt when the identity of the goods is fully established by evidence.
3. 4. 5. 6. 7. 8. 9. 10. 11.
X x x x x x x x x
12. A warehouse receipt has 2-fold function of being contract and a receipt 13. A judgment creditor can levy by execution the goods covered by a negotiable receipt while in possession of the Wman even before surrendering the receipt. 14. Fialure to mark the receipt 'negotiable' does not render it non-nego if it contains wordsof negotiability. 15. Where, by the terms of the negotiable receipt, the goods are deliverable to bearer or where negotiable receipt has been indorsed in blank or to bearer, any holder may indorse the same to him or to any other specified person, and in such case, the receipt shall thereafter be negotiated only by indorsement of such indorsee. 16. Indorsement of a receipt shall make the indorser liable for failure of the part of wman or previous indorsers of receipt to fuilfill heir respective oblgiaitons. 17. A receipt in which it is stated that goods received will be delivered to the depositor or to any other specified person is a negotiabel receipt. 18. A negotiable receipt with insertion that it is nonnegotiable shall render the receipt non-negotable.
WHAT SHOULD BE INCLUDED IN WAREHOUSERECEIPT
19. Alteration of receipt shall not excuse the Wman who issued it from any liability ______ it was made w/o fraudulent intent. 20. __________ commingled with other goods of the same kind.
A survivor ship agreement that upon the death of 1 of the joint account holders the full amount of money in their account shall become the property of the survivor is a valid aleatory contract.
F. It is prohibited.
2.
Betting in a basketball game is valid because it is not a F game of chance. Not a game of chance, nut under PD438, it is prohibited.
3.
A manufacturer or seller of a prodcut cannot be held liable for any damage casued by the product in absence of proof that product was defective
T
4.
A single transaction whereby 2 or more persons contribute funds to buy certain real estate for profit creates partnership only to that particular transaction.
F An isolated transaction whereby 2 or more persons contribute funds to buy certail RP for profit in the abasnece of other circumstances showing contrary intention cannot be considered partnership.
5.
The liability for a contract entered into on behald of an unincorporated association or ostensible corporation may be in a person who may not have directly transacted on its behalf, but reaped benefits from the contract.
T
6.
A stipulation in a contract of partnership that upon the death of a partner, the partnership shall continue to exist amongs the surviving partners and the heir/s of the deceased partner is valid.
7.
Where the title to RP is in the name of the partners in conveyance executed by all partners passes all their rights in such property.
8.
If the cause is not justified or no casue was given, withdrawing managing partner named in AOP may be compelled to remain in the firm until selection of replacement and amendment of AOP.
9.
Acquisiton of 62% of hte partnership interest by new partners, coupled with retirement or withdrawal of partners who had originally owned such interest, results to constitution of new partnership.
T
10. A partnership which does not fix its term is also referred as a Partnership w/o term.
F Partnership at will
11. An action broguth by atty in fact in his own name instead of hte pricnipal will not prosper unless name of principal is disclosed in the body of complaint.
F Atty in fact cannot file an action.
12. Liability arising from a partner's negligence shall be solidary among the guilty partner, innocent partners, and partnership.
T
13. Prescription of right to inqurie on the business affairs of T partnership or demand an accounting starts to run from the dissolution of partnerhsip. 14. The agent's interst in his promised commission upon completion of his obligation makes agency coupled w/ interest.
F Not an agency coupled w/ interest.
15. Principal cannot be held liable for actions of agents outside scope of their auhtority even if principal received benefits from the same.
F Acts beyond authority do not binid unless ratified.
16. Broker may still claim for commission depsite absence of authoritsation from principal.
T
17. Power to foreclosre given to mortgage is govered by rules on ordinary agency.
F Not an ordinary agency.
18. As between the parties to the agency, socpe of agent's T authority is what appears in written terms of power of
atty regardless of different insturctions from principal becuase 3rd parties are not bound to inquire on hte written terms. 19. There is an implied trust when property is sold, and hte T legal estate is granted to 1 party but the price paid by another fro the purpose of having the beneficial interest of the orperty. 20. If a person obtains legal title to property by fraud and T concealment, courts of equity will impress upon hte title is so called resulting trust in favor of the defrauded party. 21. In an express trust, acceptance by the trustee is necessary fro the creation of the trust.
T
22. A trustor may not have the capacity to transfer property. 23. Trusts over RP are enforceable in any form.
F 1143
24. Trustee can acquire trist property by adverse possession even w/o repudation of trust.
F One of the requisites of trustee to claim title by prescription is performance of open and unequivocal acts of repudiation.
25. An express trust concerning an immovable or any interest may be proved by parole evidence.
F It may not be proven by parole evidence.
26. In an implied trust over a parcel of land, action to recover msut be brought w/in 5 years from issuance of title to property.
F 10 years
27. For an aciton for reconveyance based on fraud to prosper, petititoner must prove by CCE only his title to the property.
F Title and fact of fraud.
28. Prescription will lie in favor of persons who are not in F possession of the disputed land provided they claim an interest thereon. 29. In our jurisdiction, it is an enshrined rule that even a registered owner of proeprty may be barred from recovering possesion of property by viurtue of laches.
T
30. Refusal on part of borrower to exxecute an agreeemtn to cover the after-acquired obligsation can constityte an act of default on the part of the borrrower and the foreclusre may cover debts incurred after the time of constiution of CM sought to be foreclosed.
T
31. The rules governing loans or forbearances may be appliued by analogy to discounts. 32. Where indebtedness actually owing to the holder of morotgage is less than sum named in the mortgage, mortgage may be enforced fro more than the actual sum due.
F Where indebtedness actuallu pwing to holder of mortaage is less than sum named in mortgage, mortgage cannot benforced for mo rethan the actual sum,
33. In a loan transaction, obligation to pay a sum certain in money may be paid in money or by use of check if agreed upon. 34. Failre of entrutee to turn over proceeds of sale of goods, covered by trust receipts to entruster or to return said goods when not disposed of in accoradance with the terms of trust receipt creates a civil obligation but not a criminal case.
F Liable for estafa
35. Legal rate for loan/forbearance of money may be applied to an obligsation arising from a piece of work.
T
36. If obligation constits in the payment of sum of money, and the debtor incurs in delay, indemnity for damages, there being no stipulation to the contrary, shall be the
T
payment of interest agreed upon, and in the absence of stipulation, legal interest which is 6% per annum. 37. In simple loan with stipulation of usurious interest, prestation of debtor to pay the principal debt, which is the cause of contract becomes ilelgal.
F Illegality lies only as to the presation to pay stipulated interest
38. In cases where no interest has been stipulated by the F parties, as in case of PH American Accident Insurance, No interest was stipulated accrued conventional interest could further earn interest upon judicial demand. 39. A registered mortgage right over the property is inferior T to an unrecroded sale. 40. Exemplary dmaages are awarded for wanton acts and granted by way of compensation for damages suffered by plaintiff so as to ____ others as a sort of deferrent. 41. Loss of earning capacty cannot be awarded in case of damages predicated on breach of contract. 42. Temparate damages are more than nominal damages and inteded as a reasonable compensation fro injury sustained even in the documentary proof. 43. Moral damages may not be recovered in cases of seduction if the victim was already an adult at the time she had an affair with the _____ 44. The seller of a car which was repossessed for appraisal purposes can still claim fro the balance of the purchase price 45. The owner of establishment are solidary liable with their driver fro any accident resukting from latter's negligent operation of the vehicle provided said owners were riding therein at the time of mishap. 46. Vendor of personal property sold on isntallment basis is not precluded after foreclosing the CM on the thing sold, from having recourse against the additional security put up by a 3rd party to guarantee the purchaser's performance of his obligation because the rifghts eminate from different contracts. 47. Whenever a price of rural land not exceeding 1 hectare is alienated ,law grantes the adjoining owners a right of redemption even if grantee or buyer does not own any other rural land. 48. When a 3rd person claims a legal right to the property leased, it is a tresspass in fact for which lessor shall not be liable unless stipualted. 49. The mere act of submitting a case to auhtorities for prosecution makes 1 liable for malciious prosecution.
F
50. A private complainant can be held liable for malicious prosceution if accused is acquitted by RTC on reasoanbale doubt.
F
51. In case of GF, damages recoverable from breach of contract are those which are the natural and probable consequences of the berach of obligation, WON the parties could have reasonably foreseen them or not.
T
52. In rape cases, the court may, in discretion, award moral damages to victim without need fro pleading or proof of the basis thereof.
F
53. On issued of public humiliation, the courts conider the F social standing and profession of a perosn in awarding him actual damages. 54. The diligence required of banks is more than that of a
T
good father of a fmily. 55. Payment of obligation in foreign currency is prohibited.
F
56. A loan of use exists when a person receives a loan of money or any other fundible thing and acquires ownership tehreof. 57. Failure to pay installment payments in a contract to sell T is a berach thatwill justify rescission of contract. 58. Specially preffered credits must be sastisfied first before ordinary credits under 2244 be paid according to their priority.
T
59. In precarium, bailor can demand the return of the thing T at will from bailee. 60. Execution of deed of assignment in liue of surety bond will have same effect as deation in payment.
F
61. Forged deed of sale may become root of vlaid title if certificate has already been trasnferred from the name of true owner to the name of forger.
F
62. Mortgagee may insure the mortgaged property for his benefit but not for his sole benfit.
T
63. Doctrine of LCC means that even though a person/s own acts may have placed him in a position of peril, and an injury results the injured person is not entitiled to recovery and partiesm ust suffer own damages.
F
64. In res ipsa loquitor, burden or proof remains on plaintiff F to prove that injury arose from defendant's want of care. 65. Recover actual daamges, it is not necessary to prove actual amount of loss with reasonable degree of certainty.
T
66. Grant of atty fees as part of damages is exception rather than the rule and counsel's fees are not awarded every tiem a party prevails in suit.
T
67. Principal of an acadamic school is liable for tort committed by student.
F
68. Moral damages are generally recoverable in an action for berach of contract beccause every person msut comply with his contractual obligation in GF.
F
69. If the safekeeping of the thing delivered is not the principal purpose of the contract, rules on deposit should still govern.
F
70. A contract of sale is void and produces no effect whatsover where price which appears therein as paid, has in fact never been paid by purchaser to vendor. 71. Generally, malice can be presumed from defamatory words but privileged character of a ocmmunication destroys the persumption of malice.
T
72. An interest rate of 2% a month is iniquitous and stipulation of interest payment is void.
F
73. The court in Atlantic Gulf vs CA did not exceed its jurisdiction when it modified the judgment of trial court by increasing the award of damages in favor of the private respondents who, in the first place, did not impose an appeal therefrom.
F
74. When the judgment aweading sum of money becomes T FE, the monetary award shall earn interest at 6% per annum from the date of such finality until its satisfaction, regardless of whether the case involves a
loan or forbearance of sum of money. 75. A claim for damages sustained on a shipment of goods T is a solidary oblgiation of shipper, common carrier and arrastre operator, and customs brakers. 76. All the claims under 2242 must be paid pro rata. FROM QUIZ 8 → 76-119 1. Future debts of unknown amount may not be guaranteed because there is no principal obligation yet.
F A guaranty may also be given as security for future debts.
2.
Guaranty must be express but exceptionally it may be implied from acts of the guarantor as in guaranty by estoppel
F A guaranty is not presumed; it must be express and cannot extend to more than what is stipulated therein.
3.
The guarantor can bind himself for more than what the debtor is liable for but not for less
F A guarantor may bind himself for less, but not for more than.
4.
If the parties avail of contractual provision for automatic extension, the guarantor will be released
T
5.
In case of a merger between the debtor and the guarantor, the guaranty is extinguished but a subguarantor, if any, is released
F Guaranty is accessory and subsidiary.
6.
There is no excussion/exhaustion in judicial guaranty
T
7.
When the principal obligation is modified by agreement, the guarantor is released if he didn’t agree to the modification even if the modified obligation will be less onerous
F Alteration should be onerous as to impose a new obli or add burden to the guarantor
8.
A remission in favor of 1 of 5 guarantors extinguishes the principal obligation but only to the extent of 1/5
F Extinguished only if remission is made w/out the consent of the other Gs
9. 10. 11. 12.
Necessary and useful expenses Termination of usufruct Execution of work upon a movable Agent’s right to retention of objects of an agency until principal effects reimbursement and pays indemnity 13. Depositary 14. Hotel keepers
EXAMPLES OF LEGAL PLEDGE
15. File application before the executive judge thru the clerk of court 16. Clerk will examine WON there was compliance with posting of notice and publication 17. Raffling of application among sheriffs 18. Auction sale may be had even if there is only 1 participating bidder 19. Clerk shall issue a certificate of payment 20. Certificate of sale must be approved by the EJ 21. Archival of records
7 CONDITIONS AND RULES FOR VALID EXTRAJUDICIAL FORECLOSURE OF A THING PLEDGED
22. For all intents and purposes of pledge is extinguished when thing pledged is in the possession of pledgor
F Only a disputable presumption.
23. The rules governing possession and preservation of a thing pledged by agreement shall apply to legal pledges.
T
24. Take care w/ diligence of good father of family 25. Liable for loss or deteriorioration by reason of fraud, negligence, delay or violation of contract 26. Not deposit with a 3rd person
3 OBLIGATIONS OF PLEDGEE
27. Gratuitous 28. Only movable property
CHARACTERISTICS AND FEATURES OF CONVENTIONAL DEPOSIT
29. 30. 31. 32.
Voluntary or necessary Real Unilateral if gratuitous Bilateral if for compensation
33. Safekeep 34. Return when required 35. Liable for loss through his fault or negligence
OBLIGATION OF DEPOSITARY
JUDICIAL VS CONVENTIONAL DEPOSIT 36. X 37. x 38. x 39. x
Judicial 1. Court orders the attachment/seizure 2. Movable or immovable 3. Delivery is made by court order 4. Attachment or seizure
EJ 1. Necessary or voluntary 2. Only movable 3. Delivery may be made by will of depositor 4. Compliance with legal obligsation or calamity
SOLIDARY GUARANTOR VS SOLIDARY DEBTOR 40. x 41. x 42. x 43. x 44. x
SD 1. Debt shall be paid 2. Solidary and primarily liable 3. Not entitled to excussion 4. Original promisor 5. Bound to know every default
SG 1. Debtor shall pay 2. Subsidiarily liable 3. Entitled to excussio 4. Collateral undertaking 5. No need for notice
WAREHOUSE 1. The warehouse receitps law applies to all warehouses, whether private or publuc, bonded or not. 2.
Mere fact that the goods deposited are incorrectly described does not make ineffective the receipt when the identity of the goods is fully established by evidence.
3. 4. 5. 6. 7. 8. 9. 10. 11.
X x x x x x x x x
12. A warehouse receipt has 2-fold function of being contract and a receipt 13. A judgment creditor can levy by execution the goods covered by a negotiable receipt while in possession of the Wman even before surrendering the receipt. 14. Fialure to mark the receipt 'negotiable' does not render it non-nego if it contains wordsof negotiability. 15. Where, by the terms of the negotiable receipt, the goods are deliverable to bearer or where negotiable receipt has been indorsed in blank or to bearer, any holder may indorse the same to him or to any other specified person, and in such case, the receipt shall thereafter be negotiated only by indorsement of such indorsee. 16. Indorsement of a receipt shall make the indorser liable for failure of the part of wman or previous indorsers of receipt to fuilfill heir respective oblgiaitons. 17. A receipt in which it is stated that goods received will be delivered to the depositor or to any other specified person is a negotiabel receipt. 18. A negotiable receipt with insertion that it is nonnegotiable shall render the receipt non-negotable.
WHAT SHOULD BE INCLUDED IN WAREHOUSERECEIPT
19. Alteration of receipt shall not excuse the Wman who issued it from any liability ______ it was made w/o fraudulent intent. 20. __________ commingled with other goods of the same kind.
