Torrens Re-Development & Research Pty Ltd v Oakworth Developments Pty Ltd [2008] NSWSC 1096

New South Wales Supreme Court

CITATION : Torrens Re-Development & Research Pty Ltd v Oakworth Developments Pty Ltd [2008] NSWSC 1096

HEARING DATE(S) : 16 , 17, 18 and 26 September 2008

JUDGMENT DATE : 23 October 2008

JURISDICTION : Equity Division

JUDGMENT OF : Windeyer J at 1

DECISION : Judgment for defendant.

CATCHWORDS : CONTRACTS - Real Property - Options - Put and call option for real estate - puported execution of option agreement by grantee - execution in name of company by person described as director who was not a director - whether contract made - CONTRACTS - Agents - principal and agent - option deed signed by person purporting to be director - whether signature by the company or by person as agent for the company - whether resolution giving authority for signature duly passed - whether authority to agent to execute deed must be by deed - PRINCIPAL AND AGENT - act of person without authority - whether signature ratified - whether principal had knowledge of facts at time of acts claimed to amount to ratification - whether ratification of a deed must be by deed in circumstances where deed not required for binding contract - CONTRACT - Termination - whether right to terminate after act of default was exercised - CONTRACTS - Options - conditions listed for exercise - valid exercise giving rise to contract for sale - condition requiring service of notice of exercise and a form of contract executed and dated the date of exercise - documents served but contract not dated - whether strict compliance required - ESTOPPEL - Estoppel by Convention - assumption option contract was valid - assumption brought about by party claiming other party estopped

LEGISLATION CITED : Conveyancing Act 1919 Corporations Act 2001 (Cth)