Wednesday, February 19, 2014

Time of Essence clause where parties not ready to close at closing date

2329131 Ontario Inc. v. Carlyle Development Corp., 2014 ONCA 132:

[10]       The motion judge correctly held that, as the parties were not ready to close on August 3, the appellants could only reinstate the "time is of the essence" clause in these circumstances by giving the respondents reasonable notice of the new closing date and stating that time was of the essence for this new date: see Domicile Developments Inc. v. MacTavish (1999), 45 O.R. (3d) 302 (C.A.), at pp. 307-308.  There is no dispute that the appellants did not do those things.  

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