Ryu & anor v Lee [2000] NSWSC 1037

New South Wales Supreme Court

CITATION : Ryu & anor v Lee [2000] NSWSC 1037 revised - 28/11/2000 CURRENT JURISDICTION: Equity FILE NUMBER(S) : SC 1224/96 HEARING DATE(S) : 05/03/98, 06/03/98, 25/05/98-28/05/98, 18/06/98, 14/09/98-17/09/98, 18/02/99-26/02/99, 03/05/99-04/05/99, 06/05/99 (final written submissions 18/05/99) JUDGMENT DATE : 10 November 2000

PARTIES : Jae-Ryong Ryu and Song-Am Koh v Ian Inhwan Lee JUDGMENT OF : Simos J at 1

COUNSEL : G. George (Plaintiff) G. McVay (Defendant) SOLICITORS : Benjamin & Khoury (Plaintiffs) Gilbert Mane (Defendant) CATCHWORDS : CONTRACT - sale of business - provision entitling purchasers to rescind if takings below specified amount - HELD - the purchasers were not entitled to rescind - DAMAGES - HELD - vendors who rescinded were entitled to be placed in same position as if contract had been performed giving credit for value of business as at date of rescission - FAIR TRADING ACT 1987 (NSW) - HELD - purchasers had failed to establish that defendants (vendors) were guilty of engaging in misleading conduct. - DEFAMATION - HELD - the publications complained of were not reasonably capable of carrying the imputation pleaded by the plaintiff and accordingly did not do so - claim for damages for defamation dismissed LEGISLATION CITED : Fair Trading Act 1987 (NSW) CASES CITED : The Commonwealth v Amann Aviation Pty Limited (1991) 174 CLR 64 @ 80 DECISION : Plaintiffs (purchasers) not entitled to rescind contract ; Defendants (vendors) entitled to damages for wrongful repudiation of contract by plaintiffs (purchasers) ; Plaintiffs claim against defendants for misleading and deceptive conduct dismissed ; Defendants claim against plaintiffs for damages for defamation dismissed.