The moving parties (the Innes Parties) brought a motion for summary judgment in two related actions arising from a share purchase agreement for a quarry business.
The responding parties (the Guido Parties) defaulted on payments under a promissory note and failed to assume mortgages as agreed, but argued they were induced into the agreement by misrepresentations regarding the quarry licence, the standing of the mortgages, and the condition of equipment.
The court found no genuine issues for trial, concluding that no misrepresentations were made and that the entire agreement clause precluded the pre-contractual representations alleged.
Summary judgment was granted in favour of the Innes Parties for $1,477,200, plus a declaration for indemnity regarding the mortgages.
