JUDGMENT OF THE COURT
1. This is an appeal from the judgement of the High Court (F. Azangalala, J as he then was) dated 11th December 2007 and delivered on 13th December 2007 awarding the respondent Kshs, 5,000,000.00, interest and costs on the basis that the consideration for which the parties had entered into an agreement for sale of land had failed.
Background
2. By a plaint dated 18th February 2000, the respondent instituted suit against the appellant before the High Court at Nairobi seeking an order for rescission of an agreement for sale of land; a refund of the purchase price of Kshs. 5,000,000.00 with interest at 25% per annum; and damages for fraud. The respondent pleaded that he entered into an agreement for sale with the appellant dated 18th April 1997 (the agreement for sale) in which the appellant agreed to sell to him a portion of the property known as L. R. No. 21288 comprising one (1) acre or thereabouts in the city of Nairobi (the property) for the purchase price of the …