[DOWNLOAD] "Dow and Condon, Inc. v. Brookfield Development Corporation" by The Supreme Court of the State of Connecticut ~ Book PDF Kindle ePub Free

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eBook details

• Title: Dow and Condon, Inc. v. Brookfield Development Corporation
• Author : The Supreme Court of the State of Connecticut
• Release Date : January 11, 2003
• Genre: Law,Books,Professional & Technical,
• Pages : * pages
• Size : 86 KB

Description

FARRELL, Associate Judge: After a bench trial, the Superior Court upheld cancellation of a contract for the purchase and sale of a District of Columbia limited partnership and ordered that a one million dollar deposit (originally in the form of a letter of credit) be returned to the purchasers. The trial Judge ruled that by failing to tender insurable title to the limited partnerships realty, the sellers had not complied with an express condition precedent both to the purchasers duty to perform at closing and to the sellers own right to declare the deposit forfeit; therefore, they had no legal authority to draw down the letter of credit. In No. 91-CV-78, the sellers (appellants here) contend on alternative grounds that the court erred because title was insurable before they presented the letter of credit for payment, and hence the condition precedent was satisfied; and that, if the condition was not satisfied, it was excused because the purchasers conduct contributed materially to the failure to tender insurable title. We reject the sellers insurability argument in its broad form, but hold that the trial Judge did not address adequately a provision of the contract permitting the sellers, at closing, to arrange for fulfillment of any unsatisfied condition -- such as insurable title -- to the " reasonable satisfaction" (emphasis added) of the purchasers. We also conclude that the Judge must consider further whether the purchasers prevented the performance of the condition precedent. We therefore remand the case to the trial Judge for additional consideration of these issues.

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