Consolidated World Investments, Inc. v. Lido Preferred Ltd.
Opinion
Opinion
Johnson, J.
Plaintiff, Consolidated World Investments, Inc., (CWI), appeals from a judgment of nonsuit on all its causes of action against defendants, Lido Preferred Ltd. and others (Lido). We affirm.
Facts and Proceedings Below
On March 12, 1986, CWI entered into an agreement to purchase from Lido an apartment building in Hollywood. The pertinent provisions of the contract provide:
Paragraph 5 provides Lido will furnish CWI a preliminary title report and paragraph 8 of the contract provides, “Time is of the essence with respect to this Agreement.”
On May 23, 1986, escrow not having been opened, Lido wrote to CWI stating “Lido . . . terminates said agreement on this day[.]” At the time it cancelled the contract, Lido had not furnished CWI with the preliminary title report.
CWI brought this action against Lido for breach of contract, specific performance and promissory fraud. Lido’s principal defense was that CWI had defaulted on the contract by failing to close escrow within 60 days from the date of the contract.
At trial, CWI attempted to introduce parol evidence showing the intent of the parties was that escrow would not open and the 60-day period would not start running…