This case has been cited 2 times or more.
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2009-01-20 |
CHICO-NAZARIO, J. |
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| The second paragraph of Article 1479 provides for the definition and consequent rights and obligations under an option contract. For an option contract to be valid and enforceable against the promissor, there must be a separate and distinct consideration that supports it.[24] | |||||
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2005-09-12 |
CALLEJO, SR., J. |
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| It is only when the option is exercised may a sale be perfected.[58] An option contract needs to be supported by a separate consideration. The Court defined consideration for an option in Bible Baptist Church v. Court of Appeals,[59] as follows:... The consideration need not be monetary but could consist of other things or undertakings. However, if the consideration is not monetary, these must be things or undertakings of value, in view of the onerous nature of the contract of option. Furthermore, when a consideration for an option contract is not monetary, said consideration must be clearly specified as such in the option contract or clause. | |||||