Vendor's Right to Retain Deposit Upon Purchaser's Financing Failure

A vendor contracted to sell a property to a purchaser, stipulating that the agreement would become null and void if the purchaser failed to obtain the necessary financing within a specified period, and the purchaser, after being unable to secure the loan, sought repayment of the deposit, prompting the court to examine whether the vendor could retain the deposit despite the financing failure. The High Court quashed the lower court's decision, reasoning that the stipulation made the financing condition precedent to the finality of the sale, and therefore, the vendor could not retain the deposit when the condition precedent was not fulfilled due to the purchaser's inability to secure the loan, as this would constitute unjust enrichment contrary to the contract's terms.