S.V. More Pharma Corporation v. Drugmakers Laboratories, Inc.

The amount of loss warranting the grant of actual or compensatory damages must be proved with a reasonable degree of certainty, based on competent proof and the best evidence obtainable by the injured party.

G.R. Nos. 200408 and 200416, 12 November 2014

“Eliezer, Evangeline C. Del Mundo, and Atty. Quirico T. Carag (Atty. Carag) (Del Mundo Group) are the registered owners of fifty percent (50%) (i.e., 250,000 shares of stock) of E.A. Northam Pharma Corporation (E.A. Northam), a domestic corporation which exclusively distributes and markets 28 various pharmaceutical products that are exclusively manufactured by Drugmakers, a domestic corporation under the control of Eliezer. The remaining fifty percent (50%) in E.A. Continue reading here.

Payment or Performance

Payment refers to either the delivery of money and/or the performance, in any other manner, of an obligation. The currency stipulated by the parties is the basis of the payment for debts in money. If it is not possible to do so, then the debt is to be paid in the currency which is legal tender in the Philippines. For obligations to give, a payment is only valid if the person making payment has free disposal of the thing due and capacity to alienate it.

As a general rule for obligations to give, a debt is only considered paid if the thing or service in which the obligation consists has been completely delivered or rendered. However, there is no valid payment to the creditor by the debtor who had been judicially ordered to retain the debt. By way of exception to the general rule, the debtor who has substantially performed in good faith its obligations has the right to recover (or demand performance against the creditor) as if there had been a strict and complete fulfillment less damages that the creditor may have been suffered. This is the rule on substantial compliance.

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Concept and Nature of Obligations

Learning business law starts with understanding rights and obligations. From commencement until termination, a business acquires rights and incurs obligations.

An obligation is a juridical necessity to give, to do or not to do.[1] Otherwise stated, an obligation is one that creates a compulsion on a person to do or not to do an act that may be enforced through legal processes. Continue reading here.