An v. Leviev Fulton Club, LLC
United States District Court for the Southern District of New York
2010 WL 3291402 (S.D.N.Y. 2010)
An's (plaintiff) contract with LFC (defendant) for a condominium unit stated an anticipated completion date and offered rescission and a refund if the building wasn't operational within a further deadline, but gave An no right to force LFC to actually complete construction by any date; LFC never filed the required ILSFDA disclosure statement or property report before An signed, and when An sought rescission for that failure, LFC argued the contract qualified for ILSFDA's improved-lot exemption because it obligated LFC to build within two years.
Whether a land-sale contract that states an anticipated date for performance and offers rescission for non-performance, but that does not provide for the right to compel performance, creates an unconditional legal obligation to perform.