Agreement To Sell Limitation

On the basis of the above-mentioned fundamental legal principle regarding the granting of an exemption from the specific performance of a contract, the Supreme Court of India recently annulled, in a judgment of Jayakantham and others against Abaykumar, the Decree on the Specific Performance of a Contract for the Sale of Real Estate and awarded financial compensation to the buyer (defendant) instead of the exemption of a given performance. The Supreme Court drew attention to the facts and found that a sales agreement had been reached between the complainants and the respondent`s father on 2 June 1999. The consideration agreed between the parties was Rupees One Lakh and Sixty Thousand, an amount of which rupees Sixty Thousand was paid at the time of performance of the contract of sale. The sale transaction is expected to be completed within three years, subject to payment of the balance of Rupees One Lakh.

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