Consolidated Credit Network v Illawarra Retirement Trust (No.2) [2005] NSWSC 1007

New South Wales Supreme Court

CITATION : Consolidated Credit Network v Illawarra Retirement Trust (No.2) [2005] NSWSC 1007

HEARING DATE(S) : 28 & 29 September 2005

JUDGMENT DATE : 7 October 2005

JURISDICTION : Equity

JUDGMENT OF : Campbell J

DECISION : Termination justified. See detailed orders at para 79.

CATCHWORDS : CONVEYANCING - RELATIONSHIP OF VENDOR AND PURCHASER - breach of contract - whether termination justified - CONTRACTS - contract formation - exchange of counterparts subject to a condition - whether contract entered - CONTRACTS - GENERAL CONTRACTUAL PRINCIPLES - provisions as to time - extension of time limited by Notice to Complete - extension by implication from conduct - CONTRACTS - GENERAL CONTRACTUAL PRINCIPLES - parol evidence rule - CONTRACTS - GENERAL CONTRACTUAL PRINCIPLES - condition precedent requiring event to happen within a particular time - whether such a condition precedent need say expressly that that time is of the essence - EQUITY - remedies - specific performance - proof that plaintiff ready willing and able to perform

Branir Pty Ltd & Others v Owston Nominees (No 2) Pty Ltd and Another (2001) 117 FCR 424 Carpenter v McGrath (1996) 40 NSWLR 39 Consolidated Credit Network Pty Ltd v Illawarra Retirement Trust (No 1) [2005] NSWSC 1004 Equuscorp Pty Ltd & Another v Glengallan Investments Pty Ltd (2004) 218 CLR 471 CASES CITED : Perri v Coolangatta Investments Pty Ltd (1982) 149 CLR 537 Shepherd v Felt & Textiles of Australia Ltd (1931) 45 CLR 359 State Rail Authority of NSW v Heath Outdoor Pty Ltd (1986) 7 NSWLR 170 Thomas v Hollier (1984) 156 CLR 152 Tropical Traders Ltd v Goonan (1964) 111 CLR 41