Olivia owns a vast mango plantation which she can no longer properly manage due to a lingering illness. Since she is indebted to Peter in the amount of P500,000.00 she asks Peter to manage the plantation and apply the harvest to the payment of her obligation to him, principal and interest, until her indebtedness shall have been fully paid, Peter agrees.
1. What kind of contract is entered into between Olivia and Peter? Explain.
2. What specific obligations are imposed by law on Peter as a consequence of their contract?
3. Does the law require any specific form for the validity of their contract? Explain.
4. May Olivia re-acquire the plantation before her entire indebtedness shall have been fully paid? Explain.
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