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Business Case Law: Statute of frauds.

BusinessWorld (Philippines)

| August 04, 2000 | COPYRIGHT 1999 Business World Publishing Corporation. (Hide copyright information)Copyright

Allen Roxas applied for a loan with First Metro Investment Trust, Inc. ("First Metro") to be used to gain control and ownership of State Investment Trust, Inc. ("State Investment") of which Roxas is a stockholder.

First Metro agreed to grant the loan provided Roxas on condition that Roxas procures a guarantor. Viewmaster Construction Corp. ("Viewmaster") agreed to act as the guarantor provided Roxas will sell 50% of the total eventual acquisitions of his shareholdings in State Investment. In turn, Viewmaster agreed to develop two parcels of land for the property owners.

In consideration of the guaranty of Viewmaster, First Metro granted a total of P36.5 …

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