16.

hi an action brought to collect a sum of money based on a surety agreement, the defense of laches was raised as the claim was filed more than seven years from the maturity of the obligation. However, the action was brought within the ten-year prescriptive period provided by law wherein actions based on written contracts can be instituted.

a) Will the defense prosper? Reason. (3%)

b) What are the essential elements of laches? (2%)