Is a memorandum of intent to purchase a property sufficient to meet the purchase price?
Ontario, Canada
The following excerpt is from Peterson v. Bitzer, 1920 CanLII 18 (ON CA):
Third, that the purchase-price is insufficiently set forth, referring to the case of Fenske v. Farbacher (1912), 1912 CanLII 184 (SK QB), 2 D.L.R. 634. In that case the payments set forth in the memorandum were 8300 short of the total purchase-price. In this case the payments as set forth cover the whole of the purchase-price.
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