Regulatory Framework and Legal Issues

MIDTERM QUIZ

1. Give atleast 2 similarities between Pledge and Mortgage?

2. Give atleast 2 differences between pledge and mortgage?

3. Mr X bought a condominium unit, to be paid in installments for 5 years.

In the first 2 years Mr X , paid all his installment payments, but in the third (3rd) year, Mr X got sick and stop paying for 2 months.

Question: can Mr X continue to pay his Installment payment despite of being unable to pay for several months?

Question: if mr X, wants to refund his payments, how much can he be refunded?

4. Mr Y, entered into a contract of pledge, having his motorcyle as pledge? Is it correct?

5. Mr Y, again now entered into a contract of mortgage, using again as his motorcycle as mortgage? Is it correct?