A week before the expiration of the period, Aki told Jannie that she is no longer willing to sell the property unless the price is increased to P3,000,000. May Jannie compel Aki to accept the P2,000,000 first offered?
A week before the expiration of the period, Aki told Jannie that she is no longer willing to sell the property unless the price is increased to P3,000,000. May Jannie compel Aki to accept the P2,000,000 first offered?
Chapter13: Property Transact Ions: Determination Of Gain Or Loss, Basis Considerations, And Nontaxable Exchanges
Section: Chapter Questions
Problem 87P
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Question
Aki offered to sell her house and lot to Jannie for P2,000,000 who was interested in buying the same. In her letter, Aki stated that she was giving Jannie a period of one month within which to raise the amount. A week before the expiration of the period, Aki told Jannie that she is no longer willing to sell the property unless the price is increased to P3,000,000. May Jannie compel Aki to accept the P2,000,000 first offered?
No, because the increase in the price is 50% and is deemed iniquitous and unconscionable.
Yes, the period is deemed for the benefit of Darleane as it was Tin who voluntarily offered the period to her
No, because the promise to sell had no cause or consideration distinct from the selling price
Yes, because this is an obligation with a period intended for the benefit of both parties
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