Question
Juan agreed with Pedro that Juan would be loaned P100,000,000 by Pedro. In the contract signed by Juan and Pedro, it was stated that Juan
Juan agreed with Pedro that Juan would be loaned P100,000,000 by Pedro. In the contract signed by Juan and Pedro, it was stated that Juan was selling his house to Pedro for said amount. Juan signed the contract in the belief that it was really a contract of loan. Who, if any, may ask for the reformation of the instrument if Pedro had acted fraudulently?
Format to answer: Example
CATEGORICAL ANSWER: Yes, he is liable.
LEGAL BASIS: Under Article 1305 of the New Civil Code, acontract is ....
APPLICATION: In the case at bar, Pedro and Juan ....
CONCLUSION: Therefore, he is liable.
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Essentials Of Business Law
Authors: Anthony Liuzzo, Ruth Calhoun Hughes
11th Edition
1260734544, 978-1260734546
