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GR: When a period has been agreed upon for fulfillment of obligation, it is presumed to be for
benefit of both creditor and debtor.
EXC: When from tenor of period or other circumstances, it appears that it was established for
benefit of one of parties.
1. Obli. does not fix a period but from its nature 1. Debtor’s insolvency
and circumstances it can be inferred that a period 2. Debtor’s non-delivery of security promised
was intended by parties 3. Debtor’s impairment of security through
his own acts or disappearance through
EXC: if it will just result to unnecessary delay fortuitous event, unless he gives new security
and debtor failed to comply with his obli. despite equally satisfactory
ample opportunity. 4. Debtor’s violation of undertaking in
consideration of extension of period
2. Duration of period depends upon debtor’s will 5. Debtor’s attempt to abscond
REFERENCES
A. Books
• De Leon and De Leon. (2021). Obligations and Contracts. Rex Publisher
• Jurado (2020). Obligations and Contracts Reviewer. Rex Printing Company, Inc.
B. Electronic References
• Jurisprudence (n.d.) Retrieved on 13 August 2021 from http://sc.judiciary.gov.ph/decisions/
• Jurisprudence and New Civil Code (n.d.) Retrieved on 13 August 2021 from http://supreme.chanrobles.com/
• Jurisprudence and New Civil Code (n.d.) Retrieved on 13 August 2021 from
https://lawphil.net/judjuris/judjuris.html
• Jurisprudence (n.d.) Retrieved on 13 August 2021 from
https://www.officialgazette.gov.ph/section/judicial/supreme-court/decisions/
C. Others
• Official Gazette of the Republic of the Philippines
• Philippine Reports
• Supreme Court Reports Annotated