The plaintiffs brought a motion for summary judgment in an action for breach of an unconditional agreement of purchase and sale for a residential property.
The defendants failed to close the transaction, citing an alleged dramatic drop in the real estate market and invoking doctrines of frustration, impossibility, and force majeure.
The court granted partial summary judgment, declaring the defendants breached the contract, but found a genuine issue requiring a trial regarding the quantification of damages, specifically concerning the plaintiffs' mitigation efforts and the establishment of the property's market value at the time of breach.
