What is Simple Loan or Mutuum?
Nature of Mutuum
a. bilateral- borrower’ promise to
pay is the consideration for the lender’s obligation to furnish the loan
b. no criminal liability upon failure to pay
Subject Matter
a. fungible or consumable-depending on the intent of the parties,
that the return of the thing
is equivalent only and not the identical thing
b. money
c. if the transfer of ownership is on a non-fungible thing, with the
obligation of the other to give things of the same kind, quantity and quality,
it is a barter
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