This case has been cited 1 times or more.
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2000-06-16 |
GONZAGA-REYES, J. |
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| The six-month period during which the respondent would be in possession of the property as lessee, was clearly not a period within which to exercise an option. An option is a contract granting a privilege to buy or sell within an agreed time and at a determined price. An option contract is a separate and distinct contract from that which the parties may enter into upon the consummation of the option.[13] An option must be supported by consideration.[14] An option contract is governed by the second paragraph of Article 1479 of the Civil Code[15], which reads: "Article 1479. xxx | |||||