This case has been cited 1 times or more.
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2006-08-31 |
CALLEJO, SR., J. |
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| It bears stressing that an option must be supported by a consideration distinct and separate from the price. A consideration for an optional contract is just as important as the consideration for any other kind of contract.[89] If there is no consideration for the optional contract, then it cannot be enforced anymore than any other contract where no consideration exists.[90] However, case law is that although an option is not binding as a contract for want of consideration, yet if the offer contained therein is not withdrawn, its acceptance within the time limited gives rise to a contract of sale, binding on the vendor, which cannot be affected by any subsequent attempt to withdraw the offer.[91] | |||||