Legal Question in Business Law in Philippines
Rights of Partners in Philippine Partnership
Is verbal mutual agreement binding under the law, without legal partnership contract?
What are the rights of the innocent partner under breach of agreement that resulted to wrongful dissolution?
Can I claim for damages other than demand equal profit sharing?
What shall I do if guilty partner still doesn't want to pay back the agreed sharing?
2 Answers from Attorneys
Re: Rights of Partners in Philippine Partnership
verbal agreement is valid and binding specially if there is already a partial performance. Should your partner would not want to deliver your share, it is an actionable wrong under the Civil Code, where damages can also be recovered.
Re: Rights of Partners in Philippine Partnership
A verbal or oral contract is perfectly binding in the Philippines. But you must prove it just like any contract. If your partner does not want to give you the agreed upon share, you can take him to court for recovery of the amount due you plus damages. But more information is necessary for us to give you the proper advice.
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