CORINTHIAN REALTY, INC. vs. HON. COURT OF APPEALS and EMILIO MARTIN (now deceased), MATILDE MARTIN, TEOFILO GUINTO (now deceased), DELFIN GUINTO, PRUDENCIO GUINTO and MARGARITA GUINTO, G. R. No. 150240. December 26, 2002.
“x x x.
Petitioners contention that its obligation to pay the balance of the purchase price within 90 days was not a condition precedent to the execution by the co-owners-vendors of the Deed of Absolute Sale is bereft of merit. The deed could not be any clearer on the matter. The pertinent provisions bear restating:
3. The remaining balance in the amount of P335,159.00 will be paid by the VENDEE to the VENDORS within a period of NINETY (90) DAYS from the execution of this Instrument;
4. . . . as soon as the VENDEE complied (sic) with his obligation under this Contract, then the VENDORS shall immediately execute the absolute deed . . . (Emphasis supplied).
And the Civil Code provides that:
Art. 1181. In conditional obligations, the acquisition of rights, as well as the extinguishment or loss of those already acquired, shall depend upon the happening of the event which constitutes the condition.
In fine, petitioners compliance with its obligation to pay the balance of the purchase price was thus a condition precedent to the execution by private respondents-signatories of an absolute sale. Since it failed to comply with such obligation, the obligation of private respondent-signatories to execute a deed of absolute sale had not arisen.
Where one of the parties to a contract do[es] not perform the undertaking which he [is] bound by its terms, he is not entitled to insist upon the performance of the other party.
X x x.”