Buyer v. Seller: Resolutory Condition on Financing and Deposit Return

The case concerns a dispute over a purchase agreement where the buyer, failing to secure necessary financing, sought resolution based on a resolutory condition tied to loan approval, but the seller refused to return the deposit, arguing the buyer had not fulfilled all contractual obligations, including timely notification of loan refusal. The court partially quashed the lower court's decision, reasoning that the stipulated resolutory condition regarding financing was not merely a formality but a binding clause that, upon failure to obtain the loan, automatically terminated the agreement, thereby obligating the seller to return the deposit, though it might have upheld other aspects of the lower court's ruling concerning procedural matters.