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Indian Law

Discuss anything to do with property law - buying, selling property

Indian Law

Postby Grantham » Fri Dec 02, 2016 8:37 am

I had entered into an Memorandum of Understanding in order to sell a property. Due to some personal reasons I do not wish to go ahead with the transaction. There is no termination clause in the MOU. I want to terminate the same instantaneously. My queries are:

(a) Will the termination be effected as soon as i send the notice, or on receipt of it by the other party?

(b) What are the statutory provisions governing the above query(termination notice in respect of a Contract)?
Grantham
 
Posts: 37
Joined: Thu Jan 02, 2014 10:16 am

Indian Law

Postby Aillig » Sun Dec 04, 2016 7:12 am

Dear Akash,

It depends on the terms of your MoU.  Some MoUs are binding like an agreement because of the intent as evidenced in the language of the MoU.  If the court finds that the MoU was actually an agreement but named differently it can enforce specific performance of the contract because it is related to a transfer of property and a cash compensation or penalty would in most likely hood not be adequate.  We would need to read your MoU before we can formulate a more specific opinion. Sincerely, Poorvi Chothani, Esq. LawQuest Tel.: +91(0) 22 6615 6555 [email protected] www.lawquestinternational.com Disclaimer:

The information is not a comprehensive consideration of the subjects discussed and is intended to provide general information. Readers should not conclusively rely on the information as legal advice and should seek independent counsel before any action is taken with respect to these or other specific issues.  
Aillig
 
Posts: 47
Joined: Sat Feb 08, 2014 6:28 am

Indian Law

Postby bing49 » Wed Dec 07, 2016 10:22 pm

I had entered into an Memorandum of Understanding in order to sell a property. Due to some personal reasons I do not wish to go ahead with the transaction. There is no termination clause in the MOU. I want to terminate the same instantaneously. My queries are:

(a) Will the termination be effected as soon as i send the notice, or on receipt of it by the other party?

(b) What are the statutory provisions governing the above query(termination notice in respect of a Contract)?
bing49
 
Posts: 55
Joined: Thu Mar 31, 2011 12:29 pm


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