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  • Ornum v. Lasala: Accepting Liquidation Shares Waives Right to Further Accounting

    Diunggah oleh

    Rap Santos
    270 tayangan1 halaman
    Ornum submitted a statement of accounts to his business partner Lasala. Lasala promised to sign the statement after receiving his share of profits. After Ornum paid Lasala his share without objection, Lasala refused to sign and demanded a new accounting, claiming he was owed more. The court held that by accepting the payment without reservation, Lasala effectively approved the statement of accounts. His refusal to sign after receiving payment waived that formality. This approval prevents Lasala from demanding a new accounting unless he can prove fraud or mistake in the original approval.

    Deskripsi Asli:

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    Judul Asli

    1808-1809 - Ornum v. Lasala

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    © Attribution Non-Commercial (BY-NC)

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    Ornum submitted a statement of accounts to his business partner Lasala. Lasala promised to sign the statement after receiving his share of profits. After Ornum paid Lasala his share without objection, Lasala refused to sign and demanded a new accounting, claiming he was owed more. The court held that by accepting the payment without reservation, Lasala effectively approved the statement of accounts. His refusal to sign after receiving payment waived that formality. This approval prevents Lasala from demanding a new accounting unless he can prove fraud or mistake in the original approval.

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    Attribution Non-Commercial (BY-NC)
    Unduh sebagai DOCX, PDF, TXT atau baca online dari Scribd
    Tandai sebagai konten tidak pantas
    270 tayangan1 halaman

    Ornum v. Lasala: Accepting Liquidation Shares Waives Right to Further Accounting

    Diunggah oleh

    Rap Santos
    Ornum submitted a statement of accounts to his business partner Lasala. Lasala promised to sign the statement after receiving his share of profits. After Ornum paid Lasala his share without objection, Lasala refused to sign and demanded a new accounting, claiming he was owed more. The court held that by accepting the payment without reservation, Lasala effectively approved the statement of accounts. His refusal to sign after receiving payment waived that formality. This approval prevents Lasala from demanding a new accounting unless he can prove fraud or mistake in the original approval.

    Hak Cipta:

    Attribution Non-Commercial (BY-NC)
    Unduh sebagai DOCX, PDF, TXT atau baca online dari Scribd
    Tandai sebagai konten tidak pantas
    dari 1

    Ornum v.

    Lasala 74 Phil 242

    Facts: Ornum submitted a statement of accounts to respondents, his copartner. Instead of objecting to said statement, respondent Lasala promised to sign the same as soon as he received his shares as shown in said statement. After said shares had been paid by Ornum and accepted by respondents without reservation, the latter refused to sign the statement. Lasala demanded a new liquidation, claiming that he was entitled to more than what the statement of account shows. Issue: Is the respondent entitled to a further liquidation? Held: No. After accepting his shares without any reservation, respondent virtually confirmed his approval of the statement of accounts, and its signing thereby became a mere formality to be complied with by Lasala exclusively. His refusal to sign, after receiving the shares, amounted to a waiver of that formality in favor of Ornum who had already performed his obligation. This approval precludes any right on the part of respondent to a further liquidation, unless he can show there was fraud or mistake in said approval.

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