The appellant appealed a motion judge's decision enforcing a settlement agreement between the parties.
The respondent had lent $6,000,000 to the appellant via a vendor take-back mortgage that matured on May 7, 2016.
Upon default, the respondent offered a settlement for $6,162,950.45, which included principal, interest, three months' interest compensation, receivership costs, and legal fees.
The appellant paid the full amount and received a discharge of the mortgage.
Three days later, the appellant disputed the amount charged and sought relief from certain costs.
The motion judge enforced the settlement, finding the terms were clear and the appellant had accepted them without condition or protest.
The Court of Appeal dismissed the appeal, upholding the enforceability of the settlement agreement and rejecting arguments regarding unconscionability and violations of the Interest Act.