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Commercial Law: Joint Liability and Enforcement

5 Questions

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Commercial Law: Joint Liability and Enforcement

Created by

@ConciliatoryJasper9570

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Questions and Answers

What is required for joint liability to exist among debtors in fulfilling a civil debt?

The presence of multiple guarantors only

Collateral provided by the creditors

Explicit agreement or legal provision (correct)

An implicit agreement between debtors

In a commercial debt, if there are multiple debtors, how can a creditor pursue repayment?

Pursue debtors based on their contribution percentage

Only the primary debtor can be pursued for repayment

Pursue any of the debtors for the total amount (correct)

Only pursue debtors who have explicit written agreements

What must occur before judgments in civil disputes can be enforced?

They must become final and not subject to appeals (correct)

They must have a grace period attached

They must be confirmed by a second court

They must be agreed upon by all parties

Under what condition can commercial judgments be expedited for enforcement?

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What may happen in a civil matter regarding the payment obligation in a court case?

<p>A later payment date may be granted if warranted</p> Signup and view all the answers

Study Notes

Joint Liability of Debtors

Debtors in a commercial debt are jointly liable unless an agreement or legal provision specifies otherwise.
Creditors can seek full repayment from any of the debtors.
Guarantors are also jointly liable for commercial debts.
Article 47 of the Commercial Law allows for alternative arrangements regarding joint liability.

Expedited Enforcement

Civil judgments typically require finality before enforcement.
Commercial judgments can be expedited with a guarantee, allowing enforcement before finality.

Grace Period (Payment Period)

Debts are due at the agreed-upon time, either by agreement or law.
In civil matters, courts can grant extended payment periods based on circumstances.

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Description

Explore the principles of joint liability among debtors in commercial law, along with the expedited enforcement of commercial judgments. Learn about grace periods and the factors influencing payment timelines in civil matters. This quiz provides insight into the application of Article 47 of the Commercial Law.