This case has been cited 1 times or more.
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2016-01-13 |
JARDELEZA, J. |
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| Whether a contract provides for it or not, the remedy of rescission is always available as a remedy against a defaulting party. When done without prior judicial imprimatur, however, it may still be subject to a possible court review. In Golden Valley Exploration, Inc. v. Pinkian Mining Company,[78] we explained: This notwithstanding, jurisprudence still indicates that an extrajudicial rescission based on grounds not specified in the contract would not preclude a party to treat the same as rescinded. The rescinding party, however, by such course of action, subjects himself to the risk of being held liable for damages when the extrajudicial rescission is questioned by the opposing party in court. This was made clear in the case of U.P. v. De los Angeles, wherein the Court held as follows: | |||||