Professional Documents
Culture Documents
ISSUE/S
LAWS
Article
1193.
Obligations
for
whose
fulfillment
a
day
certain
has
been
fixed,
shall
be
demandable
only
when
that
day
comes.
Obligations
with
a
resolutory
period
take
effect
at
once,
but
terminate
upon
arrival
of
the
day
certain.
A
day
certain
is
understood
to
be
that
which
must
necessarily
come,
although
it
may
not
be
known
when.
If
the
uncertainty
consists
in
whether
the
day
will
come
or
not,
the
obligation
is
conditional,
and
it
shall
be
regulated
by
the
rules
of
the
preceding
Section.
(1125a)
HOLDINGS
Yes.
The
term
of
payment
stipulated
in
the
defendants
application
for
license
to
sell/purchase,
until
they
have
obtained
Php
400,000
from
the
National
City
Bank
of
New
York,
or
after
it
has
obtained
funds
from
other
sources,is
in
line
with
the
Civil
Code
(Art.
1125).
A
day
certain
is
understood
to
be
that
which
must
necessarily
arrive,
even
though
it
is
unknown
when.
In
order
that
an
obligation
may
be
with
a
term,
it
is,
therefore,
necessary
that
it
should
arrive,
sooner
or
later;
otherwise,
if
its
arrival
is
uncertain,
the
obligation
is
conditional.
To
constitute
a
term,
the
period
must
end
on
a
day
certain.
In
considering
this
article
as
to
which
the
defendant
relies
for
the
enforcement
of
its
right
to
buy
the
property,
it
would
seem
that
it
is
not
a
term,
but
a
condition.
Considering
the
first
alternative,
that
is,
until
defendant
shall
have
obtained
a
loan
from
the
National
City
Bank
of
New
York
-
it
is
clear
that
the
granting
of
such
loans
is
not
definite
and
cannot
be
held
to
come
within
the
terms
"day
certain"
provided
for
in
the
Civil
code,
for
it
may
or
it
may
not
happen.
The
loan
did
not
materialize.
And
if
we
consider
that
the
period
given
was
until
such
time
as
defendant
could
raise
money
from
other
sources,
we
also
find
it
to
be
indefinite
and
contingent
and
so
it
is
also
a
condition
and
not
a
term
within
the
meaning
of
the
law.
Both
parties
did
not
put
the
terms
in
their
agreement
clearly
in
writing.
The
lower
courts
judgment
is
affirmed.