No. L-17819. March 31, 1962.
FACTS
NAMARCO and the FEDERATION entered into a Contract of Sale for the importation of USD2M worth of controlled goods. Pursuant to the terms, Federation deposited 200,000.00 as partial payment. The new Board of Directors and General Manager of NAMARCO decided to discontinue compliance of the contract of sale. NAMARCO contends that the contract lacks the approval of that body; that it was not approved by the Auditor General; that the contract of sale is inconsistent with Resolution No. 530. The FEDERATION, filed a complaint to compel the latter to perform the Contract of Sale as to what was left after the aforementioned releases of nearly over one-half of the entire quantity of the commodities. After trial, the court rendered judgment obliging NAMARCO to specifically perform the contract of sale to plaintiff FEDERATION’, upon the payment of the procurement cost, plus 5% mark-up.