Contract Termination for Missed Real Property Authorization Deadline
Synthèse Legislator
Généré par l'IAA contractual agreement for the sale of real property, which stipulated a deadline for the completion of a preliminary administrative authorization necessary for the sale, was deemed automatically terminated when the authorization was not obtained by that date, as the clause explicitly made the contract conditional upon the authorization being granted within the specified timeframe, and the court upheld this termination, reasoning that such a clause is a resolutory condition that operates without need for judicial intervention upon the expiration of the deadline, absent any provision to the contrary.
Regeste Legislator
Généré par l'IAContract Termination for Missed Real Property Authorization Deadline: A contractual agreement for the sale of real property, which stipulated a deadline for the completion of a preliminary administrative authorization necessary for the sale, was deemed automatically terminated when the authorization was not obtained by that date, as the clause explicitly made the contract conditional upon the authorization being granted within the specified timeframe, and the court upheld this termination, reasoning that such a clause is a resolutory condition that operates without need for judicial intervention upon the expiration of the deadline, absent any provision to the contrary.