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Delpher Trades Corp. et al. vs. Intermediate Appellate Court (IAC) 157 SCRA 349

DELPHER TRADES CORPORATION, and DELPHIN PACHECO petitioners, vs. INTERMEDIATE APPELLATE COURT and HYDRO PIPES PHILIPPINES, INC., respondents.

G.R. No. L-69259 | 1988-01-26

D E C I S I O N

GUTIERREZ, JR., J.:

The petitioners question the decision of the Intermediate Appellate Court which sustained the private respondent's contention that the deed of exchange whereby Delfin Pacheco and Pelagia Pacheco conveyed a parcel of land to Delpher Trades Corporation in exchange for 2,500 shares of stock was actually a deed of sale which violated a right of first refusal under a lease contract.

Briefly, the facts of the case are summarized as follows:

"In 1974, Delfin Pacheco and his sister, Pelagia Pacheco, were the owners of 27,169 square meters of real estate identified as Lot. No. 1095, Malinta Estate, in the...