Samonte personally visited Banzon to inform him that he was withdrawing his offer unless Banzon agreed to buy the ring for P70,000.00.
On August 1, 2021, Samonte offered to sell his only diamond ring for P50,000.00 cash to Banzon who was interested in buying the same. Samonte told Banzon that he was giving the latter up to August 31, 2021 to decide whether to buy the ring or not. Banzon agreed to the option and gave Samonte option money of P500.00. On August 18, 2021, Samonte found another buyer who was willing to pay P70,000.00 cash. Samonte personally visited Banzon to inform him that he was withdrawing his offer unless Banzon agreed to buy the ring for P70,000.00.
A. Banzon is bound to pay P70,000.00 if he were to avail himself of his option to buy the ring.
B. Samonte cannot withdraw the offer because the option is founded upon a consideration of P500.00.
C. Samonte may validly withdraw the offer without being held liable for breach of contract since it would be unfair to him if he would receive only P50,000.00 as the price of his ring when another person is willing to buy it at a higher amount.
D. Banzon needs to pay only P49,500.00 if he decides to buy the ring since the option money of P500.00 that he paid forms part of the purchase price.
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