Contract Validity and Rescission for Non-Payment of Real Property Sale
Synthèse Legislator
Généré par l'IAA contract for the sale of real property, where the seller promised to transfer ownership to the buyer upon full payment of the purchase price, was deemed to be a determinable future obligation, and therefore the seller's subsequent claim for rescission due to non-payment was rejected because the buyer's obligation to pay was merely suspended pending the determination of the future event (full payment), meaning the contract itself was validly formed and enforceable upon fulfillment of that condition.
Regeste Legislator
Généré par l'IAContract Validity and Rescission for Non-Payment of Real Property Sale: A contract for the sale of real property, where the seller promised to transfer ownership to the buyer upon full payment of the purchase price, was deemed to be a determinable future obligation, and therefore the seller's subsequent claim for rescission due to non-payment was rejected because the buyer's obligation to pay was merely suspended pending the determination of the future event (full payment), meaning the contract itself was validly formed and enforceable upon fulfillment of that condition.