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INSULAR LIFE ASSURANCE COMPANY v. ASSET BUILDERS CORPORATION

This case has been cited 4 times or more.

	GR No. 171968 2009-07-31	XYST CORPORATION v. DMC URBAN PROPERTIES DEVELOPMENT INC. QUISUMBING, J.
It is a fundamental rule that, being consensual, a contract is perfected by mere consent.[7] From the moment of a meeting of the offer and the acceptance upon the object and the cause that would constitute the contract, consent arises.[8] The essence of consent is the conformity of the parties on the terms of the contract, that is, the acceptance by one of the offer made by the other.[9] However, the acceptance must be absolute; otherwise, the same constitutes a counter-offer[10] and has the effect of rejecting the offer.[11]
	GR No. 174286 2009-06-05	TRADERS ROYAL BANK v. CUISON LUMBER CO. BRION, J.
The incomplete details of the agreement led us to conclude in Insular Life Assurance Co. Ltd. v. Assets Builders Corp.[24] that no perfected contract existed; there were "other matters or details - in addition to the subject matter and the consideration - [that] would be stipulated and agreed." We likewise considered the subsequent acts between the parties and the existence of a second proposal which belied the perfection of any initial contract.
	GR NO. 150429 2006-08-29	ROBERTO G. FAMANILA v. CA YNARES-SANTIAGO, J.
To be valid and effective, waivers must be couched in clear and unequivocal terms, leaving no doubt as to the intention of those giving up a right or a benefit that legally pertains to them.[23] We have reviewed the terms and conditions contained in the Receipt and Release and we find the same to be clear and unambiguous. The signing was even witnessed by petitioner's wife, Gloria T. Famanila and one Richard T. Famanila. The Receipt and Release provides in part:That for and in consideration of the sum of THIRTEEN THOUSAND TWO HUNDRED DOLLARS (US$13,200.00) or its equivalent in Philippine currency THREE HUNDRED SIXTY FIVE THOUSAND NINE HUNDRED FOUR PESOS (365,904.00), the receipt of which is hereby acknowledged to my full and complete satisfaction x x x I, ROBERTO G. FAMANILA, x x x hereby remise, release and forever discharge said vessel "HANSA RIGA", her Owners, operators, managers, charterers, agents, underwriters, P and I Club, master, officers, and crew and all parties at interest therein or thereon, whether named or not named, including but not limited to BARBER SHIP MANAGEMENT LIMITED, NFD INTERNATIONAL MANNING AGENTS, INC. and ASSURANCEFORENIGEN GARD from any and all claims, demands, debts, dues, liens, actions or causes of action, at law or in equity, in common law or in admiralty, statutory or contractual, arising from and under the laws of the United States of America, Norway, Hongkong or the Republic of the Philippines and/or any other foreign country now held, owned or possessed by me or by any person or persons, arising from or related to or concerning whether directly or indirectly, proximately or remotely, without being limited to but including the said illness suffered by me on board the vessel "HANSA RIGA" on or about 21st June 1990 at Portland, Oregon and disability compensation in connection therewith.
	GR No. 159723 2004-09-09	ANTONIO S. LIM v. VICTOR K. SAN YNARES-SANTIAGO, J.
A contract is a meeting of minds between two persons whereby one binds himself, with respect to the other, to give something or to render some service.[12] It has three essential elements, or those without which there can be no contract consent, subject matter and cause.[13] A knowledge of these essential elements is material because the perfection stage or the birth of the contract only occurs when the parties to a contract agree upon the essential elements of the same.[14]