The topics below may be relevant to your daily activities, especially those which involve business law, labor law, and other legal areas of your business.
Business Law and Labor Law Updates
CONTRACTS ENTERED BY MINORS
The minority age in the Philippines is eighteen years old (18 years old).
As a general rule, contracts entered into by a minor are voidable.
Where necessaries are sold and delivered to a minor, he must pay a reasonable price therefor.
EXPROPRIATION FOR PUBLIC USE
The power of eminent domain is the power of the State to take private property for public use.
No private property shall be taken for public use without just compensation.
Just compensation should be made at the time of taking, and the amount of payment should be the fair and equivalent value of the property.
WHAT IS OPTION CONTRACT?
An Option Contract is a contract by which the owner of the property agrees with another person that he shall have the right to buy his property at a fixed price within a certain time.
An option imposes no binding obligation on the person holding the option aside from the consideration for the offer. Until accepted, it is not treated as a sale.
An option contract must be supported by a separate consideration that is either clearly specified as such in the contract or duly proven by the offeree/promisee.
MAY AN INHERITANCE BE REPUDIATED?
A repudiation of the inheritance is an act which is purely voluntary and free
Repudiation is proper only when a person is certain of the death of a person from whom he is to inherit
The repudiation shall be made in a public or authentic instrument, or by petition presented to the court