Facts:
iFortune sought a return of a $1.5 million deposit after 1011066 failed to set a completion date for a $16 million property sale. The agreement was amended several times with completion deadlines, but ongoing litigation against the properties prevented timely completion.

Legal Issues and Arguments:
Key issues included:

• Whether 1011066’s failure to set a completion date breached a material term.
• If iFortune had waived or was estopped from enforcing deadlines due to previous extensions.
• Whether iFortune anticipatorily breached by expressing financial difficulties.
• If the deposit was consideration for an option to purchase rather than refundable.
• Whether iFortune acted in good faith.

The court found that 1011066 breached a material term by not setting a completion date, rejected defenses of waiver, estoppel, anticipatory breach, and ruled the deposit refundable.

Outcome and Costs:
The court awarded iFortune Homes Inc. the deposit amount of $1,500,000 and ordered costs payable by 1011066 B.C. Ltd.