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7 years ago

An essential function of a court adjudicating a contractual dispute is striking a balance between maintaining, what I may term, the integrity and a higher sense of justice, while allowing parties to an arms length bargain the spoils of their bargain. This is especially so when both parties are commercial ones. Jurisprudence of New York Courts show, generally, a contract may justify rescission where mistakes exist at the time the contract is entered into, and the mistake is substantial.1 Some well-drafted commercial leases expressly provide for 3-6 month periods in which the tenant maybe able to cancel the agreement should… Read more »

7 years ago

Haste makes waste! This case serves as a great reminder that proper due diligence can never be overestimated. In this case, a proper investigation would have revealed the local ordinance prohibiting vehicles without license plates from parking. More importantly, this case is also a stark reminder that the first step of any due diligence is a careful review of the contract. In our fast paced society, we tend more and more to conclude contracts hastily. That is why it is crucial, especially for small business owners, to hire qualified counsel to carefully review and negotiate their contracts. In this case,… Read more »

7 years ago

The writer of the article concluded that the judicial analysis in Tarrytown did not “hinge on fairness, but rather on the express defensive language within the contract.” While it may be reasonable to hold landlords to this standard of only having to do the bare minimum in just including defense provisions, while withholding information that could affect a buyer’s decision to purchase, it almost begs the question: is it fair to do so? Why is the court okay with landlords deliberately leaving out information that could potentially change a tenant’s decision to lease a property? The doctrine of caveat emptor… Read more »

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