Documentos de Académico
Documentos de Profesional
Documentos de Cultura
ISSUE/S
LAWS
HOLDINGS
No.
The
oral
agreement
of
Eufronia
Raz
Jr.
and
Johnny
Cheng,
Sr.
cannot
be
honored.
It
is
a
time-honored
rule
that
a
contract
constitutes
the
law
between
parties
and
they
are
bound
by
its
stipulations.
If
the
terms
of
a
contract
are
clear
and
leave
no
doubt
as
to
the
intention
of
the
contracting
parties,
the
literal
meaning
of
its
stipulations
shall
control.
The
recent
contract
stipulated
that
the
lease
shall
be
for
a
period
of
five
years
starting
November
16,
1991
to
November
15,
1996
renewable
for
another
five
years
subject
to
terms
and
conditions
to
be
mutually
agreed
upon
between
the
parties.
In
case
the
either
party
elects
not
to
renew
the
lease
contract
after
five
years,
a
written
notice
shall
be
made
within
forty-five
days
prior
to
the
expiration
of
the
contract.
The
private
respondent
exercised
its
option
NOT
to
renew
the
lease
contract
by
serving
notice
to
that
effect
in
advance
before
the
45-day
agreed
period.
The
lease
contract
expired
on
November
16,
1996
and
private
respondent
was
justified
in
seeking
the
ejectment
of
the
petitioner.