The plaintiffs sought payment of $54,500 plus interest, representing the unpaid balance of a $100,000 purchase price for a pizza business.
The defendants argued there was no binding contract or, alternatively, that the plaintiffs breached its terms.
The court found a binding contract existed as of July 31, 2012, for the purchase of the business, including equipment and the assignment of a lease, contingent on the plaintiffs fulfilling certain conditions.
However, the plaintiffs failed to take necessary steps to assign the lease and transfer corporate shares, and allowed the lease to fall into default, leading to its termination.
This made it impossible for the plaintiffs to complete their end of the bargain.
Consequently, the plaintiffs' claim was dismissed against all defendants, with costs awarded to the defendants.
