The parties, who are brothers, entered into a Share Purchase and Sale Agreement to resolve an oppression application.
The appellants defaulted on the monthly installment payments.
The respondent brought a motion for summary judgment, seeking either enforcement of a purported settlement agreement or the full amount owing under the Share Purchase and Sale Agreement.
The motion judge found no binding settlement but awarded the full amount owing.
On appeal, the Court of Appeal held that the motion judge erred in accelerating the debt in the absence of an acceleration clause in the agreement.
The cross-appeal regarding the settlement was dismissed, as the correspondence showed material terms remained unresolved.