In Magic Carpet Ride LLC v. Rugger Investment Group, L.L.C. (Oct. 25, 2019),a California Court of Appeal addressed the question whether untimely performance under a contract containing a time-is-of-the-essence clause always constitutes a material breach. Although this case involves the purchase and sale of an airplane, the principles discussed in the opinion could apply to an asset or stock purchase agreement.
Tag: Case Updates
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