Can the contract be annulled

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Question: Joe is a director of ABC Corporation. Joe was authorized through a Board resolution to enter into a contract with EFG Corporation for a contract worth Php20,000,000 where ABC was to render services for EFG Corporation for the said total amount. Later on EFG Corporation later on filed for bankruptcy and still owed ABC Corporation Php 19,000,000. Marc, One of the shareholders of ABC Corporation went to court and sought to annul the contract entered into by Joe. Can the contract be annulled?

Reference no: EM133662636

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