Professional Documents
Culture Documents
HELD: YES. There was a meeting of the minds between the buyer and the
bank in respect to the price of P1,000/sqm. The requirements in the payment
of the purchase price on terms instead of cash were suggested by BPI Vice-
President Albano. Since the authority given to broker Revilla specified cash
payment, the possibility of paying on terms was referred to the Trust
Committee but with the mutual agreement that if the proposed payment on
terms will not be approved by our Trust Committee, Limketkai should pay in
cash, the amount was no longer subject to the approval or disapproval of the
Committee, it is only on the terms. The record shows that if payment was in
cash, either broker Revilla or Aromin had full authority. But because LSM took
advantage of the suggestion of Vice-President Albano, the matter was sent to
higher officials. Immediately upon learning that payment on terms was frozen
and/or denied, Limketkai exercised his right within the period given to him
and tendered payment in full, thus complying with their agreement. The
negotiation or preparation stage started with the authority given by Philippine
Remnants to BPI to sell the lot, followed by the authority given by BPI and
confirmed by Philippine Remnants to broker Revilla to sell the property, the
offer to sell to Limketkai, the inspection of the property and the negotiations
with Aromin and Albano at the BPI offices. The perfection of the contract took
place when Aromin and Albano, acting for BPI, agreed to sell and Alfonso Lim
with Albino Limketkai, acting for LSM, agreed to buy the disputed lot at
P1,000/sqm. Aside from this there was the earlier agreement between LSM
and the authorized broker.