In Brief
The Supreme Court dismissed a civil appeal challenging the dismissal of a suit seeking specific performance of an agreement for sale of 30 acres of land. The appellant, a businessman and broker, failed to perform his obligations under the contract by not obtaining and furnishing necessary documents (RTC extracts) in a timely manner. He only took defensive action after receiving notice from the defendants of breach of contract. The Court held that a party seeking specific performance must demonstrate due diligence in completing his own contractual obligations. The Court upheld the lower courts' dismissal but modified the remedy to require return of earnest money at an enhanced interest rate of 12% per annum instead of 6%.
The lawyer headnote and full judgment text are available to registered users.