1.

Select at least three legal word or term from the module and define it using your own
words in not less than 100 words each.

1. Debtor – this can be an individual or a company who has a financial obligation towards
another party. Another term for debtor is borrower, mortgagor or insolvent person.
Usually, the debtors are those who are planning on expanding their business or
investing in something bigger for a higher return of investment. On contrary, there are
also creditors, also known as lenders, an individual or company whom money is owed.
There are also instances where debtors are not able to meet or fulfill their business
obligations on time and this is where the complication starts. In case the failure of the
debtor to fulfill his obligation happens, there is a debt settlement agreement between
the debtor and the creditor to resolve the issue. This is where the two parties will have
an agreement to pay for a lower price for the debtor to be able to fulfill his obligation.

2. Partnership – this is a form of business where two or more people agreed to share
ownership and responsibilities in forming their business to gain profit. Mostly,
partnerships are formed by a group of professionals who are in the same line of work
wherein each member can actively participate in the role of running the business. It is
believed to be simpler and lightens the workload of each partners, compared to those
sole proprietors since the responsibilities, management, and obligations are divided
equally among the partners. Aside from the division of work, the company’s profit and
liabilities are also divided among the partners easily. It can be in government, non-
profits enterprises, businesses, or private individuals, and their goals varies depending
on their nature.

3. Void – basically, void means not valid, having no legal force or effect. It is something
that is not legally binding or enforceable. When a contract or agreement is tagged as
void, it basically means that the contract or agreement that being talked about is
useless. It will have no bearing since it is null and cannot be considered as evidence. If
the agreement or contract is tagged as void, it means that it is lacking contents and will
be automatically considered as invalid and unusable to court and is not accepted as a
legal evidence.
2. Pick the most important lesson you learned in the module. In 300 words, discuss it and
explain why you consider it as important.

All of the lessons written in this module is important. But personally, this is what caught my
attention the most.

A partnership must have a lawful object or purpose, and must be established for the common
benefit or interest of the partners.

Partnerships are not only about a certain individual. This is what makes partnership
different from the sole proprietorship. Partnership is where people with the common
interest binds themselves to each other in order to build a business or give a service
with of course, equally divided profits, shares in loss, tasks in management and
responsibilities as owners.

3. Contact one of your classmate and copy his/her answer in question no. 1. In 150 words
comment on whether you agree or not on his/her answer.

1. Prima facie in Latin, means "at first sight" which means “a legal presumption on the
face of it”. Prīmā faciē, from prīmā, ablative singular feminine of prīmus "first, foremost"
+ faciē, ablative singular of faciēs "appearance, sight. It is a true, valid, and legally
sufficient claim to establish or support a fact or case at first impression. It is a legal claim
having enough evidence in order to proceed to a trial or judgment. A strong prima facie
evidence submitted perjury can help a person to identify whether to approve or
disprove. Without prima facie evidence, a case will potentially be dismissed, or at the
very least, presents ample grounds for a defendant to dispute.

Comment:
I agree with how she defined “prima facie”. It refers to a case in which evidence
was reviewed by a judge and determined to be sufficient to warrant the trial. The
evidence is enough to proceed on the next step which is a trial or the judgment.
For instance, a discrimination case shows that a pre-employment test has an
unfair impact on minorities. This can be said to be a prima face case of
discrimination unless the employer can then prove that the test is legitimate for
work related purposes. It is based on how a situation appears on initial
observation
 2. Immovable property basically means a property that cannot be moved, firmly
attached to the land or fastened to anything attached to the land that cannot be taken
into custody for removal without physically knocking it down. This includes land,
building, hereditary allowances, rights to ways, lights, ferries, fisheries or any other
benefit to arise out of land, and things attached to the earth or permanently fastened to
anything which is attached to the earth but not standing timber, growing crops nor
grass". In much of the world's civil law systems, it is the same as "real property" or “real
estate”; it is land or any permanent feature or structure above or below the surface. In
real estate, it usually has certain rights of ownership that go with title (full or partial) to
that property.

Comment:
By definition, immovable property is something that is fixed to the ground. From
the word itself, “immovable”, it means it cannot be detached to the ground, we
cannot move it from one place to another. With that being said, we can easily
tell that I totally agree again with her definition of the immovable property. She
also gave some examples that made it easier to understand the said term.

3. Appraisal can be simply defined as an act of instance of appraising or expressing an

unbiased critical judgement or evaluation to someone or something. Moreover, an
appraisal is to evaluate a performance against a given set of standards or criteria. This is
performed by an appraiser and is usually done whenever a property or asset is to be
sold and its value needs to be determined, or to establish the tax obligations of a
particular business.
Comment:
Appraisal means judging or estimating someone’s nature or value. It is an
unbiased judgment or examination towards the qualities, nature or someone’s
value. Since we have almost the same definition by the term appraisal, it is
obvious that I agree with how she defined the term appraisal. Also, I believe Ms.
Arroyo, or anyone from the class, will not put definitions that are not related to
the term since it will be checked by their partners.

5. In 200 words, give a summary on what the module is all about.

This module tells us about the partnership, specifically about its obligations and
contracts. In the beginning, partnership is said to be formed when two or more people
decided to bind themselves together in running a business or providing services.
According to Article 1784, a partnership begins from the moment of the execution of
the contract, unless it is otherwise stipulated. The partnership is formed when a two or
more persons bind themselves to contribute money, property, service or industry. This
means that whatever is formed in partnership does not only revolve around business
alone, it can also be something that provides services. It is established for the common
benefit or interest of
the partners. It is not made for only one person. It is already obvious since we are
talking about partnerships. The profits, liabilities, and responsibilities are equally
distributed among the partners, as well as the workload and their obligations. The
decisions shall be made by everyone who constitutes the partnership to avoid unwanted
conflicts.