Land Sale Contract Termination Due to Failure of Condition Precedent
Synthèse Legislator
Généré par l'IAA contract for the sale of land, concluded under the condition precedent that a necessary administrative authorization be obtained, was deemed automatically terminated by operation of law when the authorization was definitively refused, as the condition, which was essential to the formation of the agreement, failed to materialize within the timeframe stipulated by the parties, leading the court to uphold the finding that the sale had not been perfected.
Regeste Legislator
Généré par l'IALand Sale Contract Termination Due to Failure of Condition Precedent: A contract for the sale of land, concluded under the condition precedent that a necessary administrative authorization be obtained, was deemed automatically terminated by operation of law when the authorization was definitively refused, as the condition, which was essential to the formation of the agreement, failed to materialize within the timeframe stipulated by the parties, leading the court to uphold the finding that the sale had not been perfected.