{"issue_text":"Whether the contract had prescribed by the time of cancellation","issue_type":"legal","dispositive":"yes","related_facts":"Settlement became due 3 August 2019; cancellation 9 December 2022; respondent acknowledged debt"}
{"issue_text":"Whether the cancellation notice complied with the Contractual Penalties Act","issue_type":"legal","dispositive":"no","related_facts":"Initial 7-day notice; rectified to 30 days on 24 October 2022"}
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background
Facts of the Case
Background
The applicant sought confirmation of cancellation of an agreement of sale for immovable property after the respondent failed to pay the balance of the purchase price by the agreed deadline. The respondent had paid US$489,000 of the US$800,000 purchase price, leaving a balance of US$311,000. The applicant initially gave a 7-day notice of breach, later rectified to 30 days, before cancelling the contract. The respondent disputed the cancellation and claimed the contract had prescribed, while acknowledging the debt.
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