Condo Developer’s Early Termination Provision Upheld: Lack of Financing Options Enough Reason to Terminate Sales Agreements
In Reddy v. 1945086 Ontario Inc., Justice Penny of the Ontario Superior Court of Justice (Commercial List), upheld the cancellation of sales agreements of condominium units on the basis that the developer could not secure acceptable financing. 605 purchasers of condominium units sued the vendor of a development in Vaughan, Ontario that was to be known as the Cosmos Towers. The cancellations triggered considerable media interest. They argued that the vendor wrongly terminated their sales contracts and that the vendor’s claimed inability to secure acceptable financing for the project was not a valid reason for the cancellations. By regulation, only prescribed conditions ... [more]
Canada: Competition Law Year In Review 2018
Review of major Canadian Competition Law developments over the past year, including: Top Stories, Private Actions and Class Actions, Reviewable Matters, Marketing Practices, Criminal, Mergers, and more. [more]
Superior Court sentences trader to six months incarceration for trading in Promissory Notes despite securities trading ban
On September 26th, Justice Charney of the Ontario Superior Court of Justice released his sentencing decision. This sentencing followed an appellate decision by Justice Charney from May, 15th, 2018 in which Tiffin was convicted of trading in securities without registration and while prohibited as well as distributing securities without a prospectus. [more]
Influencer Marketing and Competition Law in Canada: The Basics
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