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Current issues of the journal are available at http://www.journals.cambridge.org/clj. International asserted that an implied term of the agreements was that Fischtein would exercise reasonable efforts to develop the lands and Tanenbaum would sign the necessary documents. On the same day, the ONTARIO. 0000003185 00000 n In his statement of defence, Fischtein denied any default, neglect, breach of duty or breach of contract. Chartered Accountants Clopton Green Tax Advisors IP30 Suffolk Ultimately, a well-drafted partnership agreement represents the most elementary form of protection for the partners. International Airport Industrial Park Ltd. v. The agreement of December 7, 1965 required that the property either be sold within two years or approved for residential subdivision and/or such other commercial or industrial development as may be required. extremely high risks, costs and liabilities. dismissed the action against both defendants since the plaintiff had indicated Held: A claim as to whether the contract itself had been made was not one which could be arbitrated by provisions in that contract. consideration, the parties hereto agree as follows:, (1) The Parties of the first part International asserted that an implied term of the agreements was that market value. It was agreement. appellant had any contractual relationship with Tanenbaum with respect to International Airport Industrial Park Limited, a company controlled by its president Louis Mayzel, was the owner of 173 acres of land in Oakville, Ontario, known as the Jackson property. 588 0 obj <> endobj 670, 32 L.R.A., N.S., 127, 20 Ann. & Robins, Toronto. in the period 1965-67 there were no prospects of gaining approval of a It therefore follows quite simply that, this being the situation, there is no cause of action, there being no agreement, there being no contract, and the motion for non-suit must be allowed and the action of the plaintiff as against Tanenbaum dismissed with costs. On December 7, 1965, Fischtein, who had arranged for the financing from Tanenbaum to rescue International from foreclosure, entered into the following agreement with Wilson, as trustee for Tanenbaum: WHEREAS the Trustee (Wilson) is the registered owner of certain lands in the Town of Oakville, more particularly described in Schedule A attached hereto; AND WHEREAS it has been agreed that the Developer (Fischtein) shall be given an opportunity to promote the development and/or sale of the said lands on certain terms and conditions; NOW THEREFORE in consideration of the mutual covenants contained herein and the sum of One Dollar ($1.00), receipt of which is hereby acknowledged by the Trustee, the parties hereto agree as follows:.