TERNIC ENTERPRISES LIMITED V. WATERFRONT OUTLETS LIMITED

JUDGMENT OF THE COURT

[1] The facts stated in the plaint, the subject matter of this appeal appear quite straight forward. It was the appellant’s case that together with the respondent, they were registered as tenants in common of a property known as L.R No. 209/16717 Nairobi under Grant No. I.R. 116277 in the proportions of two thirds (2/3) and one third (1/3) shares respectively. Pursuant to an agreement for sale dated 16^th December, 2011, the appellant agreed to sell to the respondent its two-thirds shares (hereinafter referred to as the suit property) for a sum of Ksh 28 million. It was a term of the agreement that the respondent was to deposit Ksh 8 million upon execution of the sale agreement and the balance of Ksh 20 million was to be paid on or before completion and the agreement was subject to the Law Society of Kenya Conditions of sale (1989 Edition). Time of completion was of essence and in the event of default in payment of the purchase price, the interest rate payable was …