This case has been cited 1 times or more.
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2015-12-09 |
BERSAMIN, J. |
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| The obligations of the parties under the JVA were unquestionably reciprocal. Reciprocal obligations are those that arise from the same cause, and in which each party is a debtor and a creditor of the other at the same time, such that the obligations of one are dependent upon the obligations of the other. They are to be performed simultaneously, so that the performance by one is conditioned upon the simultaneous fulfillment by the other.[23] As the Court has expounded in Consolidated Industrial Gases, Inc. v. Alabang Medical Center:[24] | |||||