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contract for purchase and sale

By Occasional Contributors | 3 Minutes Read July 9, 2019

Assignment of a contract of purchase and sale: Get it in writing

In the recent case of Guraya v Kaila, 2019 BCSC 101 (CanLII), the Plaintiff’s sought to enforce a verbal assignment of a contract of purchase and sale in the face of vendors refusing to complete with the assignee purchasers.

Article by Occasional Contributors / Business, Finance and Accounting / contract, contract for purchase and sale, contract of purchase and sale, contractual obligations, Law and Equity ACt, written contract

By McCarthy Tétrault LLP | 2 Minutes Read June 7, 2019

The essence of time of the essence

In a recent Ontario Court of Appeal decision (Di Millo v. 2099232 Ontario Inc. (2018), 99 R.P.R.(5th) 1) the Court considered what a “time is of the essence” provision means in the context of an option to purchase.

Article by McCarthy Tétrault LLP / Business, Finance and Accounting / contract for purchase and sale, time of the essence, vendor rights

By Occasional Contributors | 3 Minutes Read February 27, 2018

Time is of the essence: When late is no better than never

Time is of the essenceContracts for the purchase and sale of real property and other commercial contracts often contain a clause that says “time is of the essence” in respect of certain or all contractual obligations (a “Timing Clause”). Many parties sign contracts without given due consideration to the full impact of a Timing Clause or otherwise hold the belief that a Timing Clause is merely part of a standard form contract and would not be strictly applied.
Briefly put, a Timing Clause requires one or more parties to a contract to perform certain obligations by a specific date and time, failing which, the offending party(ies) will be considered to have materially breached the contract.
In the case of Gill v. Bal, 2017 BCSC 2015 (CanLII) the purchasers learned that there can be severe consequences for even the smallest of breaches of a Timing Clause.
In Gill v. Bal, the original purchaser … Continue reading “Time is of the essence: When late is no better than never”

Article by Occasional Contributors / Business, Finance and Accounting / breach of contract, contract for purchase and sale, contractual duties, Time is of the essence, timing clause

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