Felt v. Morse

Citations

• 80 Fla. 154
• 85 So. 656

Syllabus

<p>1. Although time may not be of the essence of the original contract to sell and convey land, it may subsequently be made so by express notice given by a party to the contract who is not in default to the other party who is in default, requiring the contract to he performed within a stated time, which must he a reasonable time according to the circumstances of the case.</p> <p>2. Under a contract for the sale of land where no definite date has been agreed upon for the consummation of the contract, in order to constitute time of the essence of the transaction, the party to the contract entitled to insist upon performanee should fix -a definite date in the future for performance, of which the other party thereto is duly notified, which affords to such party reasonable time within which to comply.</p> <p>3. Where rescission of a contract is not by mutual consent, a party thereto who is not himself in default and who elects to rescind must, in order to affect rescission, give notice to the opposite party of his intention to rescind with reasonable time thereafter within which to comply with the contract.</p> <p>4. Where the record title of a vendor seeking specific performance of an agreement to sell and convey land is defective, the lapse may be supplied by parol proof of adverse possession under color of title for the statutory period sufficient to establish ownership, even though the contract calls for a perfect title, but not a perfect record title.</p> <p>5. From the time the owner of land enters into a binding contract for its sale he holds the same in trust for the purchaser and the latter becomes a trustee of the purchase money for the vendor, and being thus in equity the owner, the vendee must bear any loss which may happen and is entitled to any benefit which may accrue' to such land in the interim between the agreement and the conveyance thereof to such vendee.</p>