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All ▸ Bar 2024 ▸ CIVIL LAW ▸ I. EFFECT AND APPLICATION OF LAWS ▸ K. Legal Periods (Civil Code, Art. 13, as amended by Book I, chapter 8, sec. 31 of the Administrative Code of 1987 (E.O. No. 292))

Question

Review Question: Effect and Application of Laws - Legal Periods

Alex borrowed money from Maria, and they agreed that Alex would pay back the loan within one year. However, Alex failed to fulfill his obligation to repay the money within the agreed period.

In light of the given scenario and the provisions of the Civil Code, as amended by the Administrative Code of 1987 (E.O. No. 292), answer the following question:

  1. What is the legal consequence of Alex's failure to fulfill his obligation to repay the loan within the agreed period? Explain the effect of legal periods on the rights and obligations of the parties involved.


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Bar Review Question: Review Question: Effect and Application of Laws - Legal Periods Alex borrowed money from Maria, an