X, the owner of a house and lot in Quezon City, gave an option to A to purchase said property for P1,000,000.00 within 90 days from May 1, 1999. A gave X one hundred thousand (P100,000) as option money. Before the expiration of the 90-day period, A went to X to exercise his option and to pay the purchase price but X refused because somebody wanted to buy his property for P1,500,000.00 and because there was no sufficient of withdrawal of the offer which was received by B at 5:00 P.M. Was the contract perfected? Reasons.
X, the owner of a house and lot in Quezon City, gave an option to A to purchase said property for P1,000,000.00 within 90 days from May 1, 1999. A gave X one hundred thousand (P100,000) as option money. Before the expiration of the 90-day period, A went to X to exercise his option and to pay the purchase price but X refused because somebody wanted to buy his property for P1,500,000.00 and because there was no sufficient of withdrawal of the offer which was received by B at 5:00 P.M. Was the contract perfected? Reasons.
Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment
Section: Chapter Questions
Problem 1CE
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X, the owner of a house and lot in Quezon City, gave an option to A to purchase said property for P1,000,000.00 within 90 days from May 1, 1999. A gave X one hundred thousand (P100,000) as option money. Before the expiration of the 90-day period, A went to X to exercise his option and to pay the purchase price but X refused because somebody wanted to buy his property for P1,500,000.00 and because there was no sufficient of withdrawal of the offer which was received by B at 5:00 P.M. Was the contract perfected? Reasons.
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