Key Points: - Time is the essence of the contract for payment of balance price; failure to pay triggers cancellation. (!) (!) (!) - Payment of balance price is unconditional and not dependent on purchaser’s satisfaction of title; execution of sale deed occurs after full payment. (!) (!) - The contract contains two streams of performance: (i) payment of balance price on fixed dates; (ii) execution of sale deed upon purchaser’s demand, not time-bound. (!) (!) - The purchaser’s claim that oral modification extended payment dates was rejected; time remained essential for payments. (!) (!) - Encumbrances and title defects: vendor must disclose material defects and furnish title documents; failure to disclose may affect remedies and time considerations. (!) (!) (!) (!) - If one party prevents performance, contract becomes voidable or other remedies apply under reciprocal-promises framework. (!) (!) (!) (!) (!) (!)

What is the effect of time being the essence of the contract in a sale of immovable property?

What is the correct order of performance for reciprocal promises in a sale agreement, and how does it affect validity of cancellation?

What are the rights and obligations of the buyer and seller regarding disclosure of encumbrances and title defects, and how do they impact extension of time and remedy?