Commercial Law: Joint Liability and Enforcement
5 Questions
2 Views

Choose a study mode

Play Quiz
Study Flashcards
Spaced Repetition
Chat to lesson

Podcast

Play an AI-generated podcast conversation about this lesson

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?

    <p>A guarantee is provided</p> Signup and view all the answers

    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.

    Studying That Suits You

    Use AI to generate personalized quizzes and flashcards to suit your learning preferences.

    Quiz Team

    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.

    More Like This

    Use Quizgecko on...
    Browser
    Browser