Spouses Serrano agreed to sell in favor of respondent Caguiat a parcel of land at Php 1,500 per square meter.
Caguiat partially paid petitioners Php 100 as evidenced by a receipt issued by petitioners indicating therein repondent's promise to pay the remaining balance.
Respondent, after making known his readiness to pay the balance, requested from petitioners the preparation of the necessary Deed of Sale.
When petitioners cancelled transaction intended to return to Caguiat his partial payment, Repondent filed a complaint for a specific perdormance and damages.
The trial court relying on Article 1482 of the civil code ruled by the payment of Php 100,000 being the earnest money signified the perfection of the contract of Sale.
The Court of Appeals denied petitioner's motion for reconsideration in affirmation of the lower court's decision.
