Sale Contract Termination Due to Unfulfilled Condition Precedent
Synthèse Legislator
Généré par l'IAA contract for the sale of a building was executed under the condition precedent that the buyer would obtain the necessary building permits, and upon the buyer's failure to secure said permits within a specified timeframe, the seller unilaterally terminated the sale, leading the buyer to sue for specific performance; the court held that where a condition suspensive attached to a promise to sell has not been fulfilled by the specified date, the contract is automatically terminated, and neither party may unilaterally enforce the agreement, thus affirming the lower court's decision to deny specific performance.
Regeste Legislator
Généré par l'IASale Contract Termination Due to Unfulfilled Condition Precedent: A contract for the sale of a building was executed under the condition precedent that the buyer would obtain the necessary building permits, and upon the buyer's failure to secure said permits within a specified timeframe, the seller unilaterally terminated the sale, leading the buyer to sue for specific performance; the court held that where a condition suspensive attached to a promise to sell has not been fulfilled by the specified date, the contract is automatically terminated, and neither party may unilaterally enforce the agreement, thus affirming the lower court's decision to deny specific performance.