Does a unilateral cancellation of an option contract constitute an assignment of rights set out in a contract?
Canada (Federal), Canada
The following excerpt is from Bernier v. Canada, 1999 CanLII 8113 (FCA):
As was the case in Reynolds et al v. R.,3 this matter involves the unilateral cancellation of an option contract which gave rise to the financial compensation received by the appellant and not an assignment of rights set out in a contract. It follows that the source of the payment is not the contract but rather its unilateral repudiation.
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