VASQUEZ V. CA (July 12, 1991)

FACTS:

Petitioner Vasquez and Gayanelo sold their land in Negros Occidental to Respondents Martin Vallejera and Apolonia Olea.

In a document separate from the deed of sale, petitioner  was granted the a right to repurchase signed by him.

Petitioner availed of the right to repurchase but respondents resisted because of lack of consideration separate from the purchase price and on the ground that the right to repurchase was made in a separate document.

ISSUE:

WON the petitioner has the right to repurchase under the contract.

HELD:

Petitioner cannot avail of the right to repurchase because it was not accepted by the respondents and no consideration was given.

 The document for the right to repurchase was not signed by the respondents and as such, shows no acceptance from the promisee.

The right of repurchase is not a right granted the vendor by the vendee in a subsequent instrument, but is a right reserved by the vendor in the same instrument of sale as one of the stipulations of the contract. Once the instrument of absolute sale is executed, the vendor can no longer reserve the right to repurchase, and any right thereafter granted the vendor by the vendee in a separate instrument cannot be a right of repurchase but some other right like the option to buy in the instant case.