*
G.R. No. 145483. November 19, 2004.
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* SECOND DIVISION.
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CHICO-NAZARIO, J.:
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37 G.R. No. 138113, 17 October 2000, 343 SCRA 335, 346, citing Ang Yu
Asuncion v. Court of Appeals, G.R. No. 109125, 02 December 1994, 238
SCRA 602.
38 Article 1324 of the Civil Code states: “When the offerer has allowed
the offeree a certain period to accept, the offer may be withdrawn at any
time before acceptance by communicating such with-
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fact negates appellee’s claim that time was indeed of the essence
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in the consummation of the contract of sale between the parties.
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The law explicitly gives either party the right to rescind the
contract only upon the failure of48
the other to perform the
obligation assumed thereunder. The right, however, is not
an unbridled one. This Court in the 49
case of University of the
Philippines v. De los Angeles, speaking through the
eminent civilist Justice J.B.L. Reyes, exhorts:
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50 Id., at p. 107.
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