How do you validate a defective contract?
Express or implied ratification is recognized by law as a means to validate a defective contract. Ratification cleanses or purges the contract from its defects from constitution or establishment, retroactive to the day of its creation. By ratification, the infirmity of the act is obliterated thereby making it perfectly valid and enforceable.
When can a claim for refund exist?
In cases of monetary obligations, a claim for refund exists only after the payment has been made and, in the act of doing so, the debtor either delivered excess funds or there exists no obligation to pay in the first place.
H. Villarica Pawnshop vs. Social Security System, G.R. No. 228087, January 24, 2018, [853 SCRA 174]
What is a promissory note?
A promissory note is a solemn acknowledgment of a debt and a formal commitment to repay it on the date and under the conditions agreed upon by the borrower and the lender.
Philippine National Bank vs. Cua, G.R. No. 199161, April 18, 2018, [861 SCRA 569]
Can a dissolved corporation engage in a business?
Any new business in which the dissolved corporation would engage in, other than those for the purpose of liquidation, will be a void transaction because of the non-existence of the corporate party.
Rich vs. Paloma, G.R. No. 210538, March 07, 2018, [858 SCRA 27]
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