Practice question
Does a deadline written in the actual first-refusal clause matter to the holder’s contractual opportunity?
- No; every holder has unlimited time regardless of contract.
- Yes; the agreed scope and period must be examined.
- Only a third buyer may select the period afterward.
- Every clause automatically has the same statutory ten-year period.
- The deadline alone creates a completed sale.
Legal references
- Civil Code Articles1306,1475,1482,1490-1492,1504,1522-1523 and1589-1590: https://lawphil.net/statutes/repacts/ra1949/ra_386_1949.html
- Equatorial Realty v. Mayfair Theater, G.R.106063, November21,1996, EN BANC MAIN: https://lawphil.net/judjuris/juri1996/nov1996/gr_106063_1996.html
Answer this question in flashcards to review your response and continue practicing.