Aguiar v. Segal
In Aguiar v. Segal, 167 S.W.3d 443 (Tex. App.--Houston 14th Dist. 2005, pet. denied), the buyers of several apartment complexes failed to obtain financing by the closing date specified in the contracts. Id.
According to testimony by the sellers and the real estate agent, the sellers agreed to extend the contracts for one week. Id. at 453-54.
At the end of the week, the buyers still had not obtained financing and the sellers terminated the contracts. Id.
The trial court found that the sellers waived their right to terminate the contracts because they "never objected or complained about any delay in obtaining a loan commitment" and "elected by their silence, conduct, and words to treat the contract as continuing." Id. at 453.
The Fourteenth Court of Appeals reversed, holding that there was insufficient evidence to support the finding that the sellers waived their right to terminate. Id. at 454-55.
The Court noted that the evidence showed that the sellers were not silent. Id. at 454. Rather, they had orally agreed to a one-week extension of the closing date. Id.