Common Contracts
1 similar Sale of Goods Agreement contracts
The Canadian Abridgment eDigests -- Commercial LawSale of Goods Agreement • January 21st, 2019
Seller subdivided large parcel of industrial land and sold two lots to purchaser -- Agreement of purchase and sale including option clause that purchaser was to build specified industrial building within 30 months of closing, failing which seller would have option to buy back land -- Purchaser was granted one-year extension and following that, was advised that seller was exercising option and applied for specific performance -- Application judge held that notice was outside reasonable notice period contemplated by agreement and did not comply with "time is of the essence" clause, that seller was not ready, willing and able to close, and that his failure to tender was fatal to claim for specific performance -- Seller appealed -- Appeal allowed -- Application judge erred in concluding that option had expired, and that error flowed from his misapprehension of nature of "time is of the essence" clause -- "Time is of the essence" clause did not serve to impose time limit but dictated conseq
