Instruction: Answer and explain briefly the following items.

16. Define "accion redhibitoria" and "aaccion quanti minoris."

17. S sold to B a house and lot for P500,000 payable 30 days after the execution of the deed of sale. It was expressly agreed in the deed that the sale would ipso facto be of no effect upon the buyer's failure to pay as agreed. B failed to pay on maturity so S sued to declare the contract of no force and effect.

If B tendered payment before the action was filed, but subsequent to the stipulated date of payment, would the action prosper? Explain.

18. What is the period for the redemption of property sold with right of repurchase? Explain.

19. What are the obligations of the vendor a retro when he exercises his right of repurchase?

20. D borrowed P10,000.00 from C. As security for the payment of the debt, the former pledged to the latter a diamond ring valued at P20,000.00. It was expressly stipulated in the contract that if D cannot pay his debt when it matures, "the debt of P10,000.00 shall be considered as full payment of the diamond ring without further action." D was unable to pay when the debt matured.

Can C now appropriate the ring? Explain.

21. May the thing pledged be alienated by the pledgor or owner? If so, when does the vendee acquire ownership of the thing pledged?

22. If the debtor is unable to comply with his obligation when it becomes due and demandable, and such obligation is secured by a pledge, what is the remedy of the credi- tor? Explain.

23. In the contract of real estate mortgage, there is a stipulation prohibiting the owner of the mortgaged property from alienating the property during the pendency of the mortgage.

Is the stipulation valid?

24. What ate the distinctions between a partnership and a corporation?

25. Under Art. 1772, "every contract of partnership having a capital of P3,000.00 or more, in money or property, shall appear in a public instrument, which must be recorded in the office of the Securities and Exchange Commission."

Supposing that this requirement has not been complied with, is the partnership still a juridical person, assuming that all other requisites are present? Explain.

26. A, B and C are partners in ABC Enterprises. Not having established yet their credit standing, the three partners requested X, a well-known businessman to help them negotiate a loan from Y, a money lender. With the consent of A, B and C, X represented himself as a partner of ABC Enterprises. Thereafter, Y granted a loan of P150,000.00 to ABC Enterprises.

What kind of partner is X? Explain.

27. A and B entered into a universal partnership of profits. At the time of the execution of the articles of partnership, A had a two-door apartment which he inherited from his father 3 years earlier. B, on the other hand, had a fleet of taxis which he purchased 2 years before. In the first year of the partnership, A earned P500,000.00 as a radio talent, while B won P1,000,000.00 in the lotto draw. During the same period, rentals of P120,000.00 were collected from the apartment, while fare revenues of P200,000.00 were realized from the operation of the fleet of taxis.

Which of those income shall belong to the common fund of the partnership? Explain.

28. A and B entered into a universal partnership of all present property. At the time of their agreement, A had a four-door apartment which he inherited from his father 3 years earlier. B, on the other hand, had a fishpond which he acquired by dacion en pago from

X. During the first year of the partnership, rentals collected on the four-door apartment amounted to P480,000.00; while fish harvested from the fishpond were sold for P300,000.00. During the same period, B received by way of donation a vacant lot from an uncle. The partners had a stipulation that future property shall belong to the partnership.

Which of those property/income does not belong to the common fund of the partnership?

29. A, B and C are partners in ABC Company with contributions of P10,000.00, P40,000.00 and P50,000.00, respectively. Their agreement shows that they will share in the profits in the ratio of 2:3:4. During the year, the partnership sustained a loss of P9,000.00.

How shall this loss be divided among the partners?

30. A, B, C and D, partners in ABCD Company Limited, a trading company, have contributions of P50,000.00 each. A and B are general partners; C, a limited partner; and D, a general-limited partner. ABCD Company Limited purchased merchandise on credit from XYZ Sales Co. amounting to P180,000.00. On due date, however, ABCD Company Limited was unable to pay. Accordingly, XYZ Sales Co. filed a collection suit against the partnership which by then had assets amounting to P150,000.00.

From whom may XYZ Sales Co. collect the sum of P180,000.00? Explain.