Answer the following business law question below:

1. What are the modes of extinguishment of obligations? Explain intensively all the modes of extinguishment. Please provide an example.

2. Justin Bieber leased portions of his 3000 square meter property in Vancouver Canada to his friend Hailey Bieber and Selene Gomez for 5 years. Two years before the expiration of the lease contract, Justine sold the property to Yovanna Ventura Corporation (YVC). The following month, Justin and YVC accepted rental payments from all the lessees because they wanted to terminate the lease contracts. Due to the refusal to accept rental payments, the lessees, Hailey and Selena, filed a complaint for consignation of the rentals before the Regional Trial Court of Quezon City without notifying Justin Bieber. Is the consignation valid? Yes, or No? Explain with a legal basis.

3. Golden State Warriors and Los Angeles Lakers both breached each other's duties in the respective compromise agreement. As a result, both of them owe each other amount of one million pesos (1,000,000.00). Is compensation proper? Yes, or No? Explain with a legal basis.

4. The ABC Corporation and Juan Dela Cruz (JDC) agreed that ABC Corporation would either pay JDC the value of the raw materials or delivers to him their finished products of equivalent value. JDC alleged that when he delivered the raw materials, ABC Corporation issued a post-dated check (PDC) as partial payment. When he deposited the check, however, it was dishonored for being drawn against a closed account. Thereafter, ABC Corporation and certain Mr. Sy executed a memorandum of agreement where ABC bound themselves to deliver their finished product to Mega Corporation owned by Mr. Sy. The memorandum states that the raw materials would be supplied by JDC. Was the obligation between ABC Corporation and JDC novated because of the agreement entered into by ABC Corporation and Mr. Sy? Yes, or No? Explain with a legal basis.

5. What is a contract? Explain intensively all the essential requisites of a valid contract. Please provide an example.