X borrowed from Y the sum of P20,000.00 payable on May 31, 1985. They agreed in writing that if X fails to pay the same on the said date, X shall in addition pay P4,000.00 as penalty. Is this legal?
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X borrowed from Y the sum of P20,000.00 payable on May 31, 1985. They agreed
in writing that if X fails to pay the same on the said date, X shall in addition pay
P4,000.00 as penalty. Is this legal?
Step by step
Solved in 2 steps
- X, the owner of a house and lot in Quezon City, gave an option to A to purchase said property for P1,000,000.00 within 90 days from May 1, 1999. A gave X one hundred thousand (P100,000) as option money. Before the expiration of the 90-day period, A went to X to exercise his option and to pay the purchase price but X refused because somebody wanted to buy his property for P1,500,000.00 and because there was no sufficient of withdrawal of the offer which was received by B at 5:00 P.M. Was the contract perfected? Reasons.Jill is an American making dresses in Alabama whose business is based on U.S. dollars. Jill has agreed to accept 1,000 Euros for the dresses she sold to a customer in Europe, with payment due in one month. True or false, Jill's profit on this transaction would be less than she anticipated at the time of the agreement, if changes in the conversion rate for Euros into U.S. dollars after the date of the agreement meant that Euros were worth less in U.S. dollars on the day that the customer actually paid her the 1,000 Euros. True or False?“O” verbally leased his house and lot to “L” for two (2) years at a monthly rental of P2,500.00 a month. After the first year, “O” demanded a rental of P5000.00 claiming that due to the energy crisis, with the sudden increase of the price of oil, which no one expected, there was also a general increase in prices. “O” proved an inflation rate of 100%. When “L” refused to vacate the house, “O” brought an action for ejectment. “O” denied that they had agreed to a lease for two (2) years. A.) Can the lessee testify on a verbal contract of lease? Reasons. b.) Assuming that “O” admits the two (2)-year contract, is he justified in increasing the rental? Why?
- Is there provision for payment of interest on delayed gratuity and what penalties exist for non-compliance with the Gratuity Act?Facts: You offered to sell your automobile to Wil for P100,000.00. After inspecting the automobile, Wil offered to buy it for P80,000.00. This offer was accepted by you. The next day, you offered to deliver the automobile, but Wil being short of funds, secured postponement of the delivery, promising to pay the price “upon arrival of the steamer”. The steamer however never arrived because it was wrecked by a typhoon and sank somewhere off the Coast of Samar. Question: Is there a perfected contract in this case? Why or why not?Omar, owner of a copying machine leased it to Lisa at a rental of P4,000.00 a month for a period of one year with option on the part of Lisa to buy the copying machine at the end of one year for P80,000.00. to be paid by applying the rentals, so that Lisa needs only to pay P32,000.00.Lisa failed to pay the rentals for the 4th, 5th and 6th months so that Omar terminated the lease and repossessed the copying machine, then sued Lisa for the unpaid rentals of three months or P12,000.00.Is Omar’s suit legally tenable? Explain.
- Omar, owner of a copying machine leased it to Lisa at a rental of P4,000.00 a month for a period of one year with option on the part of Lisa to buy the copying machine at the end of one year for P80,000.00. to be paid by applying the rentals, so that Lisa needs only to pay P32,000.00.Lisa failed to pay the rentals for the 4th, 5th and 6th months so that Omar terminated the lease and repossessed the copying machine, then sued Lisa for the unpaid rentals of three months or P12,000.00.Is Omar’s suit legally tenable? Explain only in 30 words.Simon has an extensive collection of rare stamps. When Simon faces financial difficulties, he decides to sell a few of his beloved stamps. Sophie offers to buy a stamp and Simon accepts Sophie's offer, but after Sophie pays Simon the agreed amount, Simon refuses to deliver the stamp and tries to return Sophie's money to her. Sophie refuses to accept her money and instead tells Simon she wants the stamp. Which of the following statements is true? a. Simon does not have to give Sophie the stamp because he offered to return the money Sophie paid. b. Simon does not have to give Sophie the stamp because he changed his mind. c. Simon has to give Sophie the stamp if Sophie sues him and requests specific performance. d. Simon has to give Sophie the stamp and her money to reimburse her for the emotional distress caused by Simon refusing to give her the stamp.Amanda was to be sent abroad to work for 2 years, therefore agrees to lease out her apartment block to her colleague Brenda for $50 per week for the entire 2 years she is away. A lease was drawn up and before signing Amanda tells Brenda that while she is quite sure of going abroad there may be last minute change of plans in which case the lease is to have no effect. Brenda agrees. And the lease signed makes no mention of this fact. It later happened that Amanda is not sent abroad. Brenda demands that she be given possession of the apartment block, while Amanda denies that is, she is obliged to do so. Give solution to the problem
- 2.) Saldo orally offered to sell a certain diamond ring to Baldo for P50,000.00. Baldo accepted the offer and to prove that he was in earnest, he gave Saldo P1,000.00. The parties agreed that the delivery of the ring and the payment of the price would be made 30 days later. How much can Saldo collect from Baldo on the due date?In exchange for $400,000. Clarissa offers to recreate a scene from the musical. "Annic," in business Lycoon Andrew's backyard for Andrew's New Year's Eve party. Andrew is a huge Annie fan, and Clarissa threw a "super-dooper sweetener" into the offer, which stated that Clarissa would get at least ten of the cast members from the movie "Annie" to make an appearance and sing at least three Annie tunes of the party guests' choosing. Andrew is thrilled; so, that very day, in late October - 65 days before the party - Andrew accepts Clarissa's offer. The day of the party, on New Year's Eve, Clarissa calls Andrew and informs him that no one from the "Annie" cast will be making an appearance, but that the rest of the party would come off "without a hitch." Andrew is very upset. He not only wants his down payment to Clarissa of $100,000 to be returned to him, but also wants Clarissa to reimburse Andrew's incidental costs to date related to putting on the party (some prepaid costs not covered in…Sarah had a deposit in a savings account with Filipino Universal Bank in the amount of five million pesos (P5,000,000.00). To buy a new car, she obtained a loan from the same bank in the amount of P1,200,000.00, payable in twelve monthly installments. Sarah issued in favor of the bank post-dated checks, each in the amount of P100,000.00, to cover the twelve monthly installment payments. On the third, fourth and fifth months, the corresponding checks bounced.