Retention of deposit following rescission of sale contract | Practical Law

Retention of deposit following rescission of sale contract | Practical Law

Tennaro Ltd v Majorarch Ltd, 7 November 2003 (High Court, Chancery Division).

Retention of deposit following rescission of sale contract

Practical Law UK Legal Update Case Report 1-107-1915 (Approx. 5 pages)

Retention of deposit following rescission of sale contract

by Stuart Armstrong, 33 Bedford Row
Law stated as at 06 Jan 2004England, Wales
Tennaro Ltd v Majorarch Ltd, 7 November 2003 (High Court, Chancery Division).
The issue in this case was whether the seller of three flats was entitled to retain the deposits following the purported rescission of the sale contracts by both parties. The court held that the seller's rescission was valid and that it was entitled to retain the deposits, there being no special reasons why the court should order return of the deposits to the buyer.