Yulo vs Seng

Republic of the PhilippinesSUPREME COURTManilaEN BANCG.R. No. L-12541 August 28, 1959ROSARIO U. YULO, assst!" #$ %!& %us#a'" (OSE C. YULO, plaintifs-appellants, vs.YANG C)IAO SENG, defendant-appellee.Punzalan, Yabut, Eusebio & Tiburcio for appellants.Augusto Francisco and Julian T. Ocampo for appellee.LA*RA+OR, J.,Appeal from the ud!ment of the Court of "irst #nstance of Manila, $on. BienvenidoA. %an, presidin!, dismissin! plaintif&s complaint as 'ell as defendant&scounterclaim. %he appeal is prosecuted b( plaintif.%herecorddisclosesthaton)une*+, *,-., defendant/an!Chiao0en!'rotealetter to the palintif Mrs. Rosario 1. /ulo, proposin! the formation of a partnershipbet'een them to run and operate a theatre on the premises occupied b( formerCine 2ro at Pla3a 0ta. Cru3, Manila. %he principal conditions of the ofer are 4*5 that/an!Chiao 0en!!uaranteesMrs./ulo a monthl( participation ofP6,777pa(able8uarterl( in advance 'ithin the 9rst *. da(s of each 8uarter, 4:5 that thepartnership shall be for a period of t'o (ears and si; months, startin! from )ul( *,*,-. to in!pictures. %he capitalis 9;ed at P*77,777, PB7,777 of 'hich is to be furnished b(/an! Chiao 0en! and P:7,777, b( Mrs. /ulo. All !ains and pro9ts are to bedistributed amon! the partners in the same proportion as their capital contributionand the liabilit( of Mrs. /ulo, incase of loss, shall be limited to her capitalcontribution 4E;h. ?B?5.#n )une , *,-C, the( e;ecuted a supplementar( a!reement, e;tendin! thepartnership for a period of three (ears be!innin! )anuar( *, *,-B to