Q. A and B entered into a compromise agreement dated April 29, 2007 and approved on July 1, 2007. It states that A will pay B the amount of P1M within one (1) year from the execution of the agreement. What is the reckoning point of the one (1) year period? (Solved)

1. From the approval of the compromise;

2. From the receipt of the judgment based on compromise;

3. From the date of the execution of the compromise;

4. 15 days after receipt of the judgment. (Santos Ventura Hocorma Foundation, Inc. v. Santos, 5 November 2004).