The respondent brought a motion seeking a declaration that the parties had entered into a binding partial agreement on December 22, 2016, concerning the transfer of the applicant's interest in a maple grove company located in Quebec.
The applicant opposed, arguing that essential terms of the agreement were not settled.
The court found that while some terms like price and payment were discussed, other crucial issues, including security for payments, indemnification for company expenses, and the resolution of a third-party claim, remained unresolved.
The court concluded that the parties had only reached an agreement in principle, not a binding contract, as all essential terms were not agreed upon.
Consequently, the respondent's motion was dismissed.
The court also issued orders for further financial disclosure from both parties.