1808-1809 - Ornum V. Lasala 4853

Ornum v. Lasala 74 Phil 242

Facts: Ornum submitted a statement of s to respondents, his copartner. Instead of objecting to said statement, respondent Lasala promised to sign the same as soon as he received his shares as shown in said statement. After said shares had been paid by Ornum and accepted by respondents without reservation, the latter refused to sign the statement. Lasala demanded a new liquidation, claiming that he was entitled to more than what the statement of shows. Issue: Is the respondent entitled to a further liquidation? Held: No. After accepting his shares without any reservation, respondent virtually confirmed his approval of the statement of s, and its g thereby became a mere formality to be complied with by Lasala exclusively. His refusal to sign, after receiving the shares, amounted to a waiver of that formality in favor of Ornum who had already performed his obligation. This approval precludes any right on the part of respondent to a further liquidation, unless he can show there was fraud or mistake in said approval.