The appellant sought to purchase the respondents' business and the parties executed a letter of intent.
On the closing date, the appellant was in Florida with the respondents' knowledge, but the respondents refused to close the transaction.
The trial judge dismissed the appellant's action for specific performance and damages, finding the letter of intent was not a binding contract.
The Court of Appeal allowed the appeal, holding that the letter of intent and the parties' subsequent conduct evidenced a clear intention to be legally bound.
The Court declined to order specific performance but awarded damages for loss of opportunity, increasing the damages period from three to seven months.
