Case Summary: Mark Cooperstone and Ryan Seitz (Plaintiffs) agreed to sell a residential property in Kelowna to Laszlo Huszti (Defendant) for $2.5 million. A dispute over the contract led to legal action.

Background: The contract, signed on April 13, 2023, required the Defendant to secure fire and property insurance by April 29, 2023. The Defendant paid a $100,000 deposit and waived all conditions, including insurance, on April 29, making his purchase obligation unconditional. By the revised closing date of August 24, 2023, forest fires led to an insurance moratorium, preventing the Defendant from obtaining insurance and financing. Even with an extension to September 21, 2023, the Defendant could not secure insurance. The Plaintiffs terminated the contract on September 25, 2023, due to his failure to close.

Legal Arguments/Issues: The Plaintiffs sought summary judgment, asserting the Defendant breached the contract by not closing the sale. The Defendant claimed the insurance moratorium frustrated the contract, fundamentally altering its terms.

Court’s Decision: The Court ruled for the Plaintiffs, determining the insurance moratorium did not radically change the contract.

Costs/Awards: The Court awarded the Plaintiffs the $100,000 deposit as damages and granted them costs for the action, including the counterclaim. The Defendant’s counterclaim was dismissed.