NSW Caselaw
(2007) NSW ConvR 56-177 Reported Decision : (2007) ANZ Conv R 245 (2007) Q Conv R 54-674
New South Wales Supreme Court
CITATION : Express Clearances Pty Ltd v The Austral Brick Company Pty Ltd [2007] NSWSC 213
HEARING DATE(S) : 8 December 2006
JUDGMENT DATE : 14 March 2007
JURISDICTION : Equity Division
JUDGMENT OF : Young CJ in Eq
DECISION : Defendant has not validly exercised the put option in the put and call option deed of 31 January 2005.
CATCHWORDS : CONTRACTS [23]- General contractual principles- Options- Exercise of option- Validity of exercise- Put and call option deed- Put option purportedly exercised by defendant vendor- Whether defendant served notice of its intention to exercise put option otherwise than as required by deed- Where option specifies precise method of service, it will generally be regarded as mandatory- Held no exercise of option.
Ballas v Theophilos (No 2) (1957) 98 CLR 193 Bava Holdings Pty Ltd v Pando Holdings Pty Ltd (1998) 9 BPR 16,295 Carter v Schmitt [2003] NSWSC 1166 CTM Nominees Pty Ltd v Galba Pty Ltd (1982) 2 BPR 9588 FAI General Insurance Company Ltd v Parras (2002) 55 NSWLR 498 CASES CITED : George Hudson Holdings Ltd v Rudder (1973) 128 CLR 387 Holwell Securities Ltd v Hughes [1974] 1 WLR 155 Magripilis v Baird [1926] St R Qd 89 Manchester Diocesan Council for Education v Commercial & General Investments Ltd [1970] 1 WLR 241 Spectra Pty Ltd v Pindari Pty Ltd [1974] 2 NSWLR 617 Tonitto v Bassal (1992) 28 NSWLR 564 Young v Lamb (2001) 10 BPR 18,553
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