Secured Income Real Estate v St Martins Investments
- contract; contents; universal terms; duty to cooperate
- Facts: St Martins purchased property from SI - price determined in part by extent to which space of building could be successfully let to tenants. To max price, SI applied to lease remaining space. Rejected.
- Issue: Was rejection of SI's offer a breach of contract?
- Decision: Implied term of contract to cooperate, but not breached.
- Reason: Implied obligation to do all that was reasonably necessary to secure performance of contract. St Martins properly evaluated SI's merits as tenant, no breach.