Assignment #7(Law on Obligations and Contracts)Answer the following questions in yourOWNwords.1.Under the law, when is a thing considered lost? Cite an example of each.The thing is considered loss when it perishes, disappears, or goes out of commerce in which such thing no longer exists and cannot be recovered.Example:Mafen, the obligor has committed to deliver half ton of banana from her saba banana tree, but the harvest was damaged by a pest. All the trees and growing fruits were destroyed. Her obligation is extinguished. In effect when the banana had been particularized, the object of the obligation become determinate. Their loss extinguishes the obligation.2.Mr. A promised to deliver a Toyota Altis car with plate number ABC 123 to Mr. B if thelatter will pass the CPA Licensure Examinations.Before the results of the examinationswas released by the Board of Accountancy, the car was totally lost because of a fortuitousevent.If Mr. B passes the CPALE, can he compel Mr. A to deliver the car?