NSW Caselaw
New South Wales Supreme Court
CITATION : For the Good Times Pty Ltd v Coltern Pty Ltd [2007] NSWSC 807
HEARING DATE(S) : 12, 13, 14 February 2007
JUDGMENT DATE : 25 July 2007
JURISDICTION : Equity Division
JUDGMENT OF : Young CJ in Eq
DECISION : First, sixth, seventh and eighth defendants are liable in damages for breach of contract and for being knowingly concerned in contraventions of s 52 of the Trade Practices Act.
CATCHWORDS : CONTRACT [129]- Breach of contract- Plaintiff lent $1.1 million to defendant companies in eight tranches- Moneys to be used for property development- Directors of defendant companies agreed to use best endeavours to secure second mortgages for plaintiff- Mortgages never secured- Promise to use best endeavours means obligor must do all that is reasonable in the circumstances to bring about contractual object- Directors did nothing to bring about required result- Held liable. TRADE & COMMERCE [1071]- Consumer protection- Misleading or deceptive conduct- Defendant companies represented to plaintiff that certain development projects were progressing well- Three individual defendants promoters of companies- Two of them left everything to the third to arrange- All knew the third's methods of fund raising- Representations a cause of plaintiff's loss- Claim under ss 52 and 75B of Trade Practices Act made out against all three individuals.
Civil Procedure Act 2005, s 100 LEGISLATION CITED : Fair Trading Act 1987, ss 42, 68, 72 Trade Practices Act 1974 (Cth) ss 51A, 52, 75B, 82, 87
Commonwealth Bank of Australia v Mehta (1991) 23 NSWLR 84 Futuretronics International Pty Ltd v Gadzhis [1992] 2 VR 217 Gould v Vaggelas (1984) 157 CLR 215 Henjo Investments Pty Ltd v Collins Marrickville Pty Ltd (No 1) (1988) 39 FCR 546 Hospital Products Ltd v United States Surgical Corporation (1984) 156 CLR 41 CASES CITED : I & L Securities Pty Ltd v HTW Valuers (Brisbane) Pty Ltd (2002) 210 CLR 109 Kizbeau Pty Ltd v WG & B Pty Ltd (1995) 184 CLR 281 Quinlivan v ACCC [2004] ATPR 42-010 Sutton v AJ Thompson Pty Ltd (1987) 73 ALR 233 Watson v Foxman (1995) 49 NSWLR 315 Yorke v Lucas (1985) 158 CLR 661 Yorke v Ross Lucas Pty Ltd (1983) 68 FLR 268
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