Storer v. Morley

<p>Abstract of the Decision.</p> <p>1. Vendor and purchaser, § 65*—how contract containing resale clause construed. Contract between a vendor and purchaser construed as imposing an obligation upon the vendor to sell the land for the purchaser at a profit within the time fixed in the contract, and not as creating a mere agency authorizing the former to sell the land for the latter.</p> <p>2. Vendor and purchaser, § 340*—when action for damages lies for breach of resale clause in contract. Where, as part of a contract for the purchase of land, the vendor agreed to resell the land for the purchaser at certain net profit within a fixed time, failure of the vendor to carry out the contract as to such provisions entitles the vendee to maintain an action for damages for such breach.</p> <p>3. Vendor and purchaser, § 340*—what not a waiver of breach of resale clause in contract. Where, in a contract for the sale of land, the vendor agreed to deliver a deed to the premises by a certain time, and agreed to resell the land at a certain net profit to the vendee within a fixed time, the acceptance by the vendee of a deed after the expiration of the period during which the vendor agreed to resell the land does not waive the vendee’s right of action ,for failure of the vendor to carry out the provisions of the contract as to resale.</p> <p>4. Vendos and purchases, § 340*—when tender of conveyance not essential to action for damage T>y vendee. Where the vendor in a contract for the sale of land agreed to resell the same within a certain time at a certain net profit to the purchaser it is not essential that the latter tender a deed to the premises to the vendor before maintaining an action for damages for failure to carry out the contract.</p>