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Sale of land – Condition. The Chancery Division considered the interpretation of a contract for the purchase of a property. The defendant sought to rescind the contract between the parties, on the ground that an event of default had occurred, as defined by the contract. The claimant submitted that, since a term in the contract was to be taken as meaning that time was of the essence, it was not possible for the rescission to occur. The court held that, on the true construction of the contract, time had been of the essence, and so the claimant was entitled to succeed.
Sale of land – Condition. The Chancery Division considered the interpretation of a contract for the purchase of a property. The defendant sought to rescind the contract between the parties, on the ground that an event of default had occurred, as defined by the contract. The claimant submitted that, since a term in the contract was to be taken as meaning that time was of the essence, it was not possible for the rescission to occur. The court held that, on the true construction of the contract, time had been of the essence, and so the claimant was entitled to succeed.
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Westgate Wealth Management Ltd is a Partner Practice of FTSE 100 company St. James’s Place – one of the top UK Wealth Management firms. We offer a holistic service of distinct quality, integrity, and excellence with the aim to build a professional and valuable relationship with our clients, helping to provide them with security now, prosperity in the future and the highest standard of service in all of our dealings.
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