Smith and Roberson’s Business Law
17th Edition
ISBN: 9781337094757
Author: Richard A. Mann, Barry S. Roberts
Publisher: Cengage Learning
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Chapter 48, Problem 10CP
Summary Introduction
To discuss: Whether person P or person D should prevail.
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Peter Andrus owned an apartment building that he had insured under a fire insurance policy sold by J.C. Durick Insurance (Durick). Two months prior to the expiration of the policy, Durick notified Andrus that the building should be insured for $48,000 (or 80 percent of the building’s value), as required by the insurance company. Andrus replied that (1) he wanted insurance to match the amount of the outstanding mortgage on the building (i.e., $24,000) and (2) if Durick could not sell this insurance, he would go elsewhere. Durick sent a new insurance policy in the face amount of $48,000 with the notation that the policy was automatically accepted unless Andrus notified him to the contrary. Andrus did not reply. However, he did not pay the premiums on the policy. Durick sued Andrus to recover these premiums.
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On June 5, 2000, DP delivered possession of his house and lot in the Poblacion of Polo, Bulacan to AB who, in turn delivered to the former possession of his 2-hectare rice land. Both properties were unregistered. They executed a document entitled “Barter” which, among others, provided that both parties shall enjoy the material possession of their respective properties; that neither party shall encumber, alienate or dispose of their respective properties as bartered without the consent of the other; and that DP shall be obliged to return the property to AB when the latter’s son shall attain majority and decide to return DP’s property. After AB’s death and his son S attained majority in 2017, the latter demanded for the return of the two (2) hectares of rice land which had then increased tremendously in value. DP refused and so S filed an action for recovery of the land. Will the action prosper? Why?
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Smith and Roberson’s Business Law
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