Sale Conditional on Financing Not Perfected
Synthèse Legislator
Généré par l'IAAn individual entered into a contract to purchase an item under the condition that they would receive a loan to finance the purchase, but subsequently failed to secure the necessary financing; the Court rejected the appeal, holding that the contractual clause making the sale subject to obtaining a loan constituted a suspensive condition, and since the condition was not fulfilled within the stipulated time, the sale was not perfected, meaning the seller was entitled to retain the deposit paid by the buyer, as the failure to obtain financing was not due to the seller's fault.
Regeste Legislator
Généré par l'IASale Conditional on Financing Not Perfected: An individual entered into a contract to purchase an item under the condition that they would receive a loan to finance the purchase, but subsequently failed to secure the necessary financing; the Court rejected the appeal, holding that the contractual clause making the sale subject to obtaining a loan constituted a suspensive condition, and since the condition was not fulfilled within the stipulated time, the sale was not perfected, meaning the seller was entitled to retain the deposit paid by the buyer, as the failure to obtain financing was not due to the seller's fault.