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The Insular Life Assurance Company, Ltd. vs Asset Builders Corp

THE INSULAR LIFE ASSURANCE COMPANY, LTD., petitioner, vs. ASSET BUILDERS CORPORATION, respondent.

G.R. No. 147410 | 2004-02-05

D E C I S I O N

PANGANIBAN, J.:

Where the parties merely exchange offers and counteroffers, no agreement or contract is perfected. A party may withdraw its offer or counteroffer prior to its receipt of the other party's acceptance thereof. To produce an agreement, the offer must be certain and the acceptance timely and absolute.

The Case

Before us is a Petition for Review on Certiorari[1] under Rule 45 of the Rules of Court, assailing the September 20, 2000 Decision[2] and the March 7, 2001 Resolution[3] of the Court of Appeals (CA) in CA-GR CV No. 61607. The dispositive part of the Decision reads as follows:

"IN THE LIGHT OF ALL THE...