Correa v. Valstar Homes (Oakville Sixth Line) Inc.
The Court found no reversible error: the APS unambiguously fixed the closing time at 5:00 p.m., Valstar validly terminated the APS for breach of the time is of the essence term, the subsequent $113,000 payment constituted terms of a new contract rather than an unenforceable penalty, and the appellants failed to prove economic duress; accordingly summary judgment dismissing the action for the respondent was appropriate.
Source excerpt
- Time is of the essence
- Summary judgment
- Contract interpretation
- Economic duress
- Penalty doctrine
- Costs