G.R. No. 133491 - ALEXANDER G. ASUNCION, VS. EDUARDO B. EVANGELISTA

Ruling

Accordingly, the Court holds that [private respondent] is entitled to rescission of the Agreement. "x x x "Since it was [petitioner] who failed to perform his obligations as vendee under the Agreement and there is no showing that [private respondent] refused or was not in a position to comply with is own undertakings, the latter is entitled to recover damages. The evidence shows that [private respondent] actually formally demanded compliance by [petitioner] with his obligations in a letter dated January 31, 1986." [37] [Emphasis ours.] The dispositive portion of the foregoing decision reads as follows: WHEREFORE, this Court hereby declares the Memorandum of Agreement dated 2 August 1984 rescinded and of no further force and effect. "This Court likewise orders the payment by the plaintiff to the defendant of the following: "(1) P32,644,420.55 as actual or compensatory damages arising from the rescission of the Memorandum of Agreement with legal rate of interest at 6% per annum until fully paid; "(2) P887,300.00 for the repayment of the loan granted by the defendant to the plaintiff, with interest at the stipulated rate of 36% per annum until fully paid; and "(3) P100,000.00 as attorneys fees. "No pronouncement as to costs. "SO ORDERED.