Diamonds are reported to be the hardest minerals known to humankind. On the "Mohs' scale of mineral hardness," here's how diamonds rate (with a 10 being the highest rank on the scale):
- Orthoclase Feldspar
In West 45th Partners, LLC v. Moneta Diamonds, Inc ., Moneta Diamonds met considerable resistance when it attempted to vacate a stipulation of settlement or to excuse its nonperformance of the terms of the parties' agreement. (Like any contract, these documents are usually enforced in accordance with their terms, particularly in the absence of any vagueness, ambiguity, or other significant irregularity.)
In this instance, Moneta Diamonds reportedly failed to honor certain "time of the essence" payment provisions. Since the tenant had been represented by counsel when it acquiesced to these "unambiguous" terms, the Appellate Term, First Department, viewed the agreement as rock solid and was concrete in its resolve that, absent a good explanation for the default, an eviction could ensue.
Undeniably, this particular settlement agreement didn't prove to be Moneta Diamonds's best friend.
For a copy of the Appellate Term's decision, please use this link: West 45th Partners, LLC v. Moneta Diamonds, Inc.
To view our other blog posts on this topic, please use this link: Stipulations