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    Undergrad III

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    Arbie Chua
    Meliodas had a savings deposit of P1,000,000 with Camelot Bank and incurred a loan of P800,000 from the same bank. When the loan became due, the bank only allowed Meliodas to withdraw P200,000 from his savings, claiming compensation for his debt. Meliodas argues compensation was improper since one debt arose from a deposit contract. Assuming the promissory note does not provide for compensation, Meliodas is correct since deposits are not subject to compensation. Ludociel, Sariel, and Tarmiel were solidary debtors of P300,000. The creditor condoned Tarmiel's share and Sariel became insolvent. Lud

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    Undergrad III

    Uploaded by

    Arbie Chua
    65 views2 pages
    Meliodas had a savings deposit of P1,000,000 with Camelot Bank and incurred a loan of P800,000 from the same bank. When the loan became due, the bank only allowed Meliodas to withdraw P200,000 from his savings, claiming compensation for his debt. Meliodas argues compensation was improper since one debt arose from a deposit contract. Assuming the promissory note does not provide for compensation, Meliodas is correct since deposits are not subject to compensation. Ludociel, Sariel, and Tarmiel were solidary debtors of P300,000. The creditor condoned Tarmiel's share and Sariel became insolvent. Lud

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    Meliodas had a savings deposit of P1,000,000 with Camelot Bank and incurred a loan of P800,000 from the same bank. When the loan became due, the bank only allowed Meliodas to withdraw P200,000 from his savings, claiming compensation for his debt. Meliodas argues compensation was improper since one debt arose from a deposit contract. Assuming the promissory note does not provide for compensation, Meliodas is correct since deposits are not subject to compensation. Ludociel, Sariel, and Tarmiel were solidary debtors of P300,000. The creditor condoned Tarmiel's share and Sariel became insolvent. Lud

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    65 views2 pages

    Undergrad III

    Uploaded by

    Arbie Chua
    Meliodas had a savings deposit of P1,000,000 with Camelot Bank and incurred a loan of P800,000 from the same bank. When the loan became due, the bank only allowed Meliodas to withdraw P200,000 from his savings, claiming compensation for his debt. Meliodas argues compensation was improper since one debt arose from a deposit contract. Assuming the promissory note does not provide for compensation, Meliodas is correct since deposits are not subject to compensation. Ludociel, Sariel, and Tarmiel were solidary debtors of P300,000. The creditor condoned Tarmiel's share and Sariel became insolvent. Lud

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    © All Rights Reserved
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    POLYTECHNIC UNIVERSITY OF THE PHILIPPINES

    Obligations and Contracts

    1. A mere “yes” or “no” answer, without any corresponding explanation or discussion, may not
    be given full credit.
    2. Answer the question briefly, directly and with legal basis.

    I.

    Meliodas, who has a savings deposit with Camelot Bank in the sum of P1,000,000.00
    incurs a loan obligation with the said Bank in the sum of P800,000.oo which has become due.
    When Meliodas tries to withdraw his deposit, Camelot Bank allows only P200.000.00 to be
    withdrawn, less service charges, claiming that compensation has extinguished its obligation
    under the savings account to the concurrent amount of Meliodas’ debt. Meliodas contends that
    compensation is improper when one of the debts, as here, arises from a contract of deposit.
    Assuming that the promissory note signed by Meliodas to evidence the loan does not provide for
    compensation between said loan and his savings deposit, who is correct? (15%)

    II.

    Ludociel,  Sariel  and  Tarmiel  are  solidary  debtors  under  a  loan obligation of
    P300,000.00 which has fallen due. The creditor has, however, condoned Tarmiel’s entire share
    in the debt. Since Sariel has become insolvent, the creditor makes a demand on Ludociel to pay
    the debt.

    a) How much, if any, may Ludociel be compelled to pay? (5%)


    b) To what extent, if at all, can Tarmiel be compelled by Ludociel to contribute to such
    payment? (10%)

    III.

    Gloxinia brought his diamond ring to a jewelry shop for cleaning. The jewelry shop


    undertook to return the ring by February 1, 1999. When the said date arrived, the jewelry shop
    informed Gloxinia that the Job was not yet finished. They asked him to return five days later. On
    February 6, 1999, Gloxinia went to the shop to claim the ring, but he was informed that the same
    was stolen by a thief who entered the shop the night before. Gloxinia filed an action for damages
    against the jewelry shop which put up the defense of force majeure. Will the action prosper or
    not? (15%)

    a) When is a thing loss? (5%)


    b) What is Fortuitous event? (5%)

    IV.
    Elizabeth bound himself to deliver to Arthur a 21-inch 1983 model TV set, and the 13
    cubic feet White Westinghouse refrigerator, with Motor No. WERT-3296, which Arthur saw in
    Elizabeth’s store, and to repair Arthur’s piano. Elizabeth did none of these things
    May the court compel Elizabeth to deliver the TV set and the refrigerator and repair the
    piano? Why? If not, what relief may the court grant Arthur? Why? (15%)

    V.

    a) What is animus novandi? (5%)

    b) What is ordinary diligence? (5%)

    c) What is Consignation? (5%)

    d) What is Res Perit Domino? (5%)

    VI.
    a) What is Consent? (5%)
    b) What are the elements of a valid contract? (5%)

    Prepared by: Atty. Anne Lorraine Diokno

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