Call us: (905) 366 9700
Legal Blog:
Dec
01
2007
Conditions
In commercial real estate transactions, conditions are often inserted in agreements of purchase and sale. The conditions can be absolute (comply exactly or else) or they can be diluted somewhat (comply in all material respects). Regardless of the nature of the conditions, disputes often arise about the following issues: was there compliance with the conditions, must the purchaser close, and what happens if the purchaser refuses to close? The case of Champlain Thickson Inc. v. 365 Bay New Holdings Ltd. [2007] O.J. No. 3254 (S.C.J.) dealt with all of these questions.
Continue Reading >Dec
01
2007
What If
Creditors often settle with their debtors. They take less money than they would otherwise be entitled in exchange for the certainty of getting something, now. That works well with a lump sun payment. However, what happens when the settlement payment is to be paid over time and the debtors default? This scenario is the subject of South Holly Holdings Limited v. Nguyen and Ngoc, a 2006 Ontario Superior Court of Justice decision.
Continue Reading >