Monday, December 05, 2011

Development Bank of the Philippines v. Ben P. Medrano and Privatization Management Office; G.R. No. 167004. February 7, 2011.

Sale; perfection of contract. As a rule, a contract is perfected upon the meeting of the minds of the two parties. Under Article 1475 of the Civil Code, a contract of sale is perfected the moment there is a meeting of the minds on the thing which is the object of the contract and on the price. In the present case, Medrano’s offer to sell the shares of the minority stockholders at the price of 65% of the par value was not absolutely and unconditionally accepted by DBP. DBP imposed several conditions to its acceptance and it is clear that Medrano indeed tried in good faith to comply with the conditions given by DBP but unfortunately failed to do so. Hence, there was no birth of a perfected contract of sale between the parties. Development Bank of the Philippines v. Ben P. Medrano and Privatization Management Office; G.R. No. 167004. February 7, 2011.

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