COMM 393 Chapter Notes -Breach (Security Exploit), Estoppel
Document Summary
Brealta and first capital management ltd. entered into a loan and option agreement set to expire march 2009. The expiry date for exercise of the option was ultimately extended to september 2010. Brealta alleges that a number of attempts were made prior to the expiry date to communicate with mr. wilfur that it wished to exercise its option, but that mr. wilfur was. On september 15, 2010, fcm filed an noi that it intended to file proposal under the. Brealta argues that the filing of the noi constituted an anticipatory breach of the option agreement. Brealta also argues that the trustee is estopped from saying that the option expired because both fcm & trustee told them that option was not exercisable. Trustee argues that noi did not prohibit brealta from exercising its option and that there was nothing said by fcm or trustee which persuaded brealta to miss the expiry date.
