FPJ Corp., a domestic corporation, engaged in the real estate business. It is the registered owner...

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FPJ Corp., a domestic corporation, engaged in the real estate business. It is the registered owner of a determinate land with improvements. XXX Corp., on the other hand, is a domestic corporation with offices located beside the subject property. Looking to extend its business, XXX Corp sent a letter to the General Manager of FPJ Corp offering to purhase the subject property. A series of telephone calls ensued but only between the General Manager and the Secretary. The General Manager was unable to negotiate with the board of directors of FPJ Corp. The General Manager informed XXX Corp about this and to wait for the decision of the board of directors of FPJ Corp. Sometime thereafter, the president of XXX Corp personally went to FPJ Corp's office and issued a bank check no. 000001 issued for P100,000 and made payable to FPJ Corp. The check was received by the Secretary, not knowing of the details of the transaction, of FPJ Corp and was eventually deposited with and credited to FPJ Corp's bank account. Thereafter, XXX Corp through counsel demanded in writing that FPJ Corp proceed with the sale of the property. Is there a perfected contract of sale? FPJ Corp., a domestic corporation, engaged in the real estate business. It is the registered owner of a determinate land with improvements. XXX Corp., on the other hand, is a domestic corporation with offices located beside the subject property. Looking to extend its business, XXX Corp sent a letter to the General Manager of FPJ Corp offering to purhase the subject property. A series of telephone calls ensued but only between the General Manager and the Secretary. The General Manager was unable to negotiate with the board of directors of FPJ Corp. The General Manager informed XXX Corp about this and to wait for the decision of the board of directors of FPJ Corp. Sometime thereafter, the president of XXX Corp personally went to FPJ Corp's office and issued a bank check no. 000001 issued for P100,000 and made payable to FPJ Corp. The check was received by the Secretary, not knowing of the details of the transaction, of FPJ Corp and was eventually deposited with and credited to FPJ Corp's bank account. Thereafter, XXX Corp through counsel demanded in writing that FPJ Corp proceed with the sale of the property. Is there a perfected contract of sale?

Answer rating: 100% (QA)

Based on the given information it does not appear that a perfected contract of sale has been formed ... View the full answer