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TEST YOURSELF IN BUSINESS LAW 1 (OBLIGATIONS AND CONTRACTS)

Part I
The juridical tie that binds the parties in an OBLIGATION is determined by the sources of Obligation. Mora Accipiende and Mora Solvendi are two kinds of delay.
An Obligation with a Condition AND an Obligation with a Period refer to the same kind of Obligation. Acts of Man and Acts of God are considered Fortuitous Event under our Civil Code. There can be Joint Obligation in an INDIVISIBLE OBLIGATION.

The principal always follows the accessory.
In the law on obligation, PAYMENT consists only of giving of money. In all cases, the loss of thing due because of Fortuitous Event results in the extinguishment of obligation. CONDONATION or remission is always with consideration.

In CONFUSION OR MERGER, there is only one obligation.
In order for COMPENSATION to take place, it must be expressly stipulated by the parties in their agreement. In NOVATION, it is important that there must be intention on the part of the debtor and creditor that they will modify or extinguish an obligation. A CONTRACT is born by mere meeting of minds.

A CONTRACT, to be enforced by parties, must always be in a written instrument. There are three classifications of contracts according to perfection.

Part II
Define the following: Enumerate
1) Obligations (5 points)1) Kinds of Obligation (5 points)
2) Contracts (5 points)2) Modes of extinguishing an obligation (5 points)

Reading is for the mind as Exercise is for the body.

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STATE WHETHER THE STATEMENT IS “TRUE OR FALSE.” DEFEND YOUR ANSWER BY CITING YOUR LEGAL BASIS IN A BRIEF MANNER. EACH NUMBER WILL BE GIVEN 2.0 POINTS BUT A MERE “TRUE OR FALSE” ANSWER WILL NOT BE GIVEN CREDIT. You must get at least 25 points to pass this exam.
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