E7 Inland Realty vs.CA Facts: On Sept.6, 1975, defendant corporation Ayala, Inc.

through its Assistant General Manager J. Armando Eduque, granted to Land Realty, authority to sell 9,800 shares of stocks in Architect's Bldg. Inc. The terms of the sale was for P1,500.00 per share and the contract was to last for thirty days. Inland Realty, a Company engaged in realty and brokerage, strategized its sale through sending letters to its prospective buyers. Stanford Microsystems, Inc. proposed buying the stocks but submitted a count-offer for P1,000.00/share for 9,800 shares payable in 5 years at 12% per annul interest until fuly paid. This proposal was communicated by Inland Realty to defendant corporation but the latter opposed, claiming the offer was too low and asked petitioner if the price can be adjusted according to the terms of the authority to sell. The period of the contract extended for several times. Petitioner asked for an exclusive authority and for a longer period but Eduque would not give the same. The sale was made in favor of Stanford. Later on, Inland Realty sued defendant for its brokerage fees. Defendant claims that it is not entitled because after the thirty day period expired, petitioner was no longer connected to the transaction and that it abandoned it, Issue: Whether or not Inland Realty is entitled to th brokerage fees. Held: No. Petitioner was not entitled to the brokerage commission of 5%. It appeared that there was no express authority given y defendant for th extension of the thirty-day period of the authority to sell. Moreover, petitioner did not do anything except submit the name of the prospective buyer, Microsystems. I did not take part in the consummation of the sale and the processing of the necessary documents. More importantly, what existed was a proposal and a counter-proposal which Dd not constitute the closing of the transaction just because it was plaintiff who solely suggested to defendants the name of Stanford as buyer, and that Inland Realty did not sell the stocks in accordance with the terms of the agreement with Ayala Co., that each stock be sold at P1,500 each.