Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Ubaldo is the owner of a building which has been leased by Remigio for the 5p past 20 years. Ubaldo has repeatedly assured Remigio

image

Ubaldo is the owner of a building which has been leased by Remigio for the 5p past 20 years. Ubaldo has repeatedly assured Remigio that if he should decide to sell the building, he will give Remigio the right of first refusal. On June 30, 1994, Ubaldo informed Remigio that he was willing to sell the building for P5 Million. The following day, Remigio sent a letter to Ubaldo offering to buy the building at P4.5 Million. Ubaldo did not reply. One week later, Remigio received a letter from Santos informing him that the building has been sold to him by Ubaldo for P5 Million, and that he will not renew Remigio's lease when it expires. Remigio filed an action against Ubaldo and Santos for cancellation of the sale, and to compel Ubaldo to execute a deed of absolute sale in his favor, based on his right of first refusal. b) If Ubaldo had given Remigio an option to purchase the building instead of a right of first refusal, will your answer be the same? Explain.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Yes if Ubaldo had given Remigio an option to purchase the building instead of a right of first refus... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Engineering Economic Analysis

Authors: Donald Newnan, Ted Eschanbach, Jerome Lavelle

9th Edition

978-0195168075, 9780195168075

More Books

Students also viewed these Law questions

Question

List the directors duties in respect of going concern basis.

Answered: 1 week ago

Question

Is there a particular geographic location you desire?

Answered: 1 week ago