Practice question
A contract is made after a valid regulatory statute already takes effect. The document does not mention the statute. Explain why enforcement of that preexisting legal background cannot be labeled a later statutory impairment merely because the parties omitted it.
Legal references
- Ortigas & Co. v. Feati Bank and Trust Co., G.R. No. L-24670, December 14, 1979, main decision: https://lawphil.net/judjuris/juri1979/dec1979/gr_l-24670_1979.html
- 1987 Constitution, Article III, Section 10: https://lawphil.net/consti/cons1987.html
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