Sps. Jorge Navarra v. Planters Development Bank

Summary

The Navarras sought specific performance of an alleged contract to repurchase foreclosed properties from Planters Bank. After defaulting on their loan, their properties were foreclosed and sold to the bank. Jorge Navarra wrote proposing to repurchase with P300,000 down payment, which the bank acknowledged but requested further documentation. The trial court found a perfected contract existed, but the Court of Appeals and Supreme Court reversed, holding that no contract was perfected. The Supreme Court emphasized that the offer lacked certainty regarding purchase price, payment terms, and period, while the bank's acceptance was conditional, requiring further negotiation. The case establishes that for contract perfection, both offer and acceptance must be definite and absolute, with essential elements of consent, determinate subject matter, and price certain clearly established.