Hello tutors, I need help with my THE LAW ON OBLIGATION AND CONTRACTS assignment so I would really appreciate it if you can help me.

CASE:

Due to the pandemic, Jose lost his job. In terrible need of money, he approached his friend Jaycee to lend him P50,000.00. Jose promised Jaycee to return the money as soon as he can. A year has passed, and Jose still failed to return the money. Also in need dire need of cash, Jaycee demanded payment. Jose told Jaycee that he is not obliged to return the money just yet claiming that Jaycee agreed that the money be returned only when he is able to do so. Jose argued that since he has no income just yet, he is not bound to make payment. Is Jose correct? Reason/s.

This format is highly recommended for the case above

Categorical answer:

Legal basis:

Application on the given set of facts:

Brief conclusion:

This is a case from the Philippines, so you need the articles or provision from the country stated, kindly go here for the reference of the said provisions: (Article 1156 to Article 1206)

https://www.chanrobles.com/civilcodeofthephilippinesbook4.htm