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Validity of Contract

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1 Validity of Contract on Fri Dec 31, 2010 2:29 pm

PepperMiles


Arresto Menor
Good day!

Magtatanong po ako about sa contract ho.

Ganito po ang kuwento:

Nangutang po si Person 1 ng 100,000 pesos. Pumirma po siya ng contract na kolateral ang kanyan bahay at maiilit once na di po nakapagbayad. One year lang validiy ng kontrata. Nakabayad na si Person 1 ng 10,000 pesos at nagbabayad siya buwan buwan ng 7 percent na tubo sa 100,000. Tapos na yung kontrata na magbabayad siya ng 7 percent na tubo ngunit patuloy siyang nagbababayad ng tubo kahit lagpas na sa isang taon. Valid pa po ba yung porsyento na tubo kahit lagpas na sa taon? At maaari po bang mag-iba ng kontrata sapagkat di n valid ang unang kontrata?

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2 Re: Validity of Contract on Fri Dec 31, 2010 4:47 pm

attyLLL


moderator
let me answer you this way: if this case were brought to court, the interest rate of 7% a month would be deemed unconscionable, and may be reduced to a rate of about 1-2% per month. her payments would be deemed paid mostly to the principal and adjusted accordingly.


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