EXPLAIN BRIEFLY. Essay: The pertinent provision of law need not be cited in your answers. 1. (a) When is a contract deemed perfected? (b) When is a contract deemed consummated? (b) Are there contracts deemed consummated during the perfection of the contract? Explain. 2. When two persons are claiming the same right to collect from you and you are in doubt to whom you will give your payment, what would your remedy be so that you will not pay to the wrong person? Briefly explain also the procedure. 3. (a) Deo borrowed P50,000.00 from Colleen with Gualbert as guarantor. However, Colleen is also indebted to Deo in the amount of P30,000.00. Both debts have become due. Colleen demanded payment from Deo but Deo has become insolvent with assets of only P15,000.00 which he used in partial payment of his debt to Colleen. In this case, can Colleen hold Gualbert to pay if the guaranty agreement expressly provides that the guarantor's liability arises after exhaustion of the principal debtor's assets? How much can Colleen collect from Gualbert? (b) Is a contract of surety the same with contract of guaranty? Distinguish the said two contracts if they do not refer to one and the same contract. 4. D borrowed P50,000.00 from C. On due date, D did not have any money to pay the debt so he proposed to C that the latter accept a ring to settle the debt. C at first did not accept the proposal but due to insistent act of D, he reluctanty received the ring. Immediately after receiving the ring, C sold it to B. Is D's obligation to give P50,000.00 to C extinguished? Explain. 5. D is obliged to deliver a specific Toyota car to C. The parties agreed that should D so desire, he may deliver his only Lancer car to C as a substitute. Before D could make any substitution, the Lancer car was damaged beyond repair through the fault of D. (a) Is D still obliged to deliver the Toyota car to C on due date? (b) Will you maintain the same answer if the specific Toyota car was lost due to no fault of D? Explain