QuestionTHE COUNTRY LAW IS PHILIPPINES Extinguishment of ObligationsA. Legal compensationB. Judicial compensation1.?he kind of compensation which arises by way of proved counterclaim in a case is called:C. Voluntary compensationD. Facultative compensation?. Meeting in one person the characteristics of both debtor and creditor in one and the same obligation extinguishes the obligation by way of -A. CompensationB. RemissionC. ConfusionD. Novation?. Which of the following is not true about Dacion en Pago.A. Thing delivered is considered as equivalent of performance.B. Payment extinguishes obligation to the extent of the value of the thing delivered as agreed upon, proved or implied from the conduct of the creditor.C. Ownership is transferred to creditor upon delivery.D. An act of tender of payment.4. Solomon borrowed P500,000 from BBB Bank, secured by a mortgage on his land. Without his consent, his friend Ramon paid the whole loan. Since Solomon benefited from the payment, can Ramon compel the BBB Bank to subrogate him in its right as mortgagee of Solomon’s land?A. No, since Ramon paid for Solomon’s loan without his approval.B. Yes, since a change of creditor took place by novation with the BBB Bank’s consent.C. Yes, since it is but right that Ramon be able to get back his money and, if not, to foreclose the mortgage in the manner of the bank.D. No, but the BBB Bank can foreclose and pay Ramon back.?5. The following, except one, are the other modes of extinguishing obligations:A. RemissionB. DeathC. Arrival of resolutory conditionsD. Mutual dissent?. Simon bought jewelries from Alaina and delivered a check in payment of the same. Has Simon paid the obligation? Why?A. Yes, because a check is a valid legal tender of payment.B. No. The delivery of check shall produce the effect of payment only when they have been cashed.C. It depends. If the check is a manager’s check or cashier’s check it will produce the effect of payment. If it’s an ordinary check, no payment.D. Yes, because a check is as good as cash.?. Upon the proposal of a third person, Fred, he substituted the original debtor, Eric, without the latter’s consent. The creditor, Doug, accepted the substitution. Later, however, Fred became insolvent and defaulted in his obligation. What is the effect of this Fred’s defaulting upon the Eric??.???he Eric remains liable since he gave no consent to the substitution.B.???he Eric shall pay or perform the obligation with recourse to the Fred.C.???he Eric is freed of liability since novation took place and this relieved him of his obligation.D.???he Eric shall pay or perform 50% of the obligation to avoid unjust enrichment on his part.?. Consignation as a special form of payment, may extinguish an obligation under any of the following instances except:A. When, without just cause, he refuses to give a receiptB. When the title of the obligation has been lostC. When two or more persons claim the same right to collectD. When he is capacitated to receive the payment at the time it is due??.?equisites of application of payment are the following except:A. Two or more debtsB. One debtor and one creditorC. Debts are all dueD. Debts are of different kinds?0. The following are the characteristics of the payment in cession. What is the exception?A. One debtor and one creditorB. Complete or partial insolvencyC. Abandonment of all debtor’s properties except those exempt from executionD. More than one debt?1. Polly owed Ollie P1 million due on December 1, 2020 but failed to pay her on due date. Ollie sent a demand letter to Polly giving her 5 days from receipt within which to pay. Two days after receipt of the letter, Anne personally offered to pay Ollie in cash, but all in P500-peso bills, but the latter refused to accept the same. The 5 days lapsed. May Polly’s obligation be considered extinguished?A. Yes, since Anne tendered payment of the full amount due.B. Yes, since Bessy’s refusal of the cash payment, amounts to a satisfaction of the obligation.C. No, since tender of payment, if refused, will not discharge the obligation without proper consignation in court.D. No, since payment of pure P500 bills is not considered legal tender in the Philippines.?2. Insolvency of the debtor is required in:A. Dation in paymentB. Tender of payment and consignationC. Application of paymentD. Payment by cession??3. Delivery by the debtor of a specific thing to the creditor in payment of an obligation consisting of money:A.?ssignment of cession of propertyB. Application of paymentC. Tender of payment and consignationD. Dation in payment?4. Alex and Alexis are jointly indebted to Jeremiah for P500,000. Jeremiah assigned his interest to June, who later assigned his rights to Alex. What is the legal implication of this problem?A. The debt is partially extinguished by mergerB. The debt is partially extinguished by compensationC. The debt is totally extinguished by mergerD. The debt is totally extinguished by compensation?5. Statement 1: In novation by way of expromission, there can be a revival of the original debtor’s obligation should the new debtor turns out to be insolvent.Statement 2: The extinctive novation would thus have the twin effects of first, extinguishing an existing obligation and second, subrogating a new one in its stead.A.???oth statements are true.B.???oth statements are false.C.???nly Statement 1 is true.D.???nly Statement 2 is true.?6. Statement 1: All monetary obligations shall be settled in Philippine currency. The parties may judicially agree that the obligation be settled in another currency at the time of payment.Statement 2: A check under a peso account could be considered payment under the Philippine currency.A.???oth statements are true.B.???oth statements are false.C.???nly Statement 1 is true.D.???nly Statement 2 is true.?17. Statement 1: Where one bears interest and the other does not, even if the latter is the older obligation, the former is considered more onerous.Statement 1: With respect to indemnity for damages, the debt which is subject to the general rules on damages is more burdensome than that in which there is a penal clause.A.???oth statements are true.B.???oth statements are false.C.???nly Statement 1 is true.D.???nly Statement 2 is true.?8. In tender and consignation, if after consignation was made and the creditor allowed the debtor to withdraw the thing deposited in court, which of the following statements is incorrect?A. Co-debtors, guarantors and sureties shall be releasedB. The obligation remain to subsistC. The obligation is extinguishedD. ?one of the above?9. In which of the following circumstances is real novation present?A. Changes only the terms of paymentB. Expressly recognizes the first obligationC. Merely supplements the first oneD. Adds other obligation not compatible with the old ones?0. The kind of compensation which may only be raised by the creditor and not by the debtor in the obligation to give gratuitous support.A. Judicial compensationB. Legal compensationC. Conventional compensationD. Facultative compensationBusinessAccountingGet a plagiarism-free order today we guarantee confidentiality and a professional paper and we will meet the deadline.
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