Brimstone offers to buy Phoenixs property under the following terms and conditions: P5 million purchase price; 10% option money; balance payable in cash upon the clearance of the property of all illegal occupants. As agreed, Brimstone promptly paid the option money and Phoenix cleared the subject property from illegal occupants. When Brimstone is to pay the balance and ask Phoenix to execute a deed of absolute sale, Phoenix had a change of heart, saying that the deal is disadvantageous to him as he found out that the property is three (3) times higher than the agreed purchase price. Brimstone sued Phoenix for specific performance. In response, Phoenix claims that Brimstone merely gave him an option to buy and nothing more, and offers to return the option money which Brimstone refuses to accept. Who is correct? Explain.