JUDGMENT OF TUNOI, J.A.
Rajdip Housing Development Limited (hereinafter referred to as "the appellant") entered into a Sale Agreement dated March 30th, 1990 to sell to Ufundi Co-operative Savings and Credit Society Limited (hereinafter referred to as "the Society") the property known as L.R.No.209/10567, situate along Uhuru Highway, Nairobi, at a consideration of Shs.225,000,000/=. Mr. Wacira Wambugu, advocate of Messrs. Wambugu and Company (hereinafter referred to as "Wambugu") acted as advocate for the appellant while Mr. Sutish Gautama acted for the Society.
It was a term of the Sale Agreement that Shs.125,000,000/= represented the developments and expenses and the balance of the purchase price of Shs.100,000,000/= would be paid by instalments as stipulated in the Agreement. The Agreement further provided that the Society would procure Shs.100,000,000/= from the Co-operative Bank of Kenya Limited who would create a charge over the said property. The loan was to be released as follows…