Business Law 16th Edition by Jane Mallor,James Barnes ,Arlen Langvardt,Jamie Darin Prenkert,Martin McCrory

تمرين 3

Arnhold and Argoudelis agreed to sell their farm to Ocean Atlantic with a closing date originally set for November 1997. After delay in satisfying conditions precedent and several postponements of the closing date over almost four years, the parties finally entered into a settlement agreement, which identified January 25, 2001, as a "drop dead" date. The closing did not occur by that time, and Arnhold and Argoudelis gave notice that the contract was terminated. Ocean Atlantic sued for specific performance. Was the failure to close on the drop dead date a material breach?