Gray v Latter [2014] NSWSC 122

Supreme Court New South Wales

Medium Neutral Citation: Gray v Latter [2014] NSWSC 122 Hearing dates: 17 February 2014; 18 February 2014 Decision date: 27 February 2014 Jurisdiction: Common Law Before: Adamson J Decision: 1. Direct the parties to make any submissions as to the form of the proposed orders or as to costs in writing addressed to my associate on or before 4 pm 5 March 2014. 2. Grant liberty to apply on 2 days' notice to my associate to restore the matter before me in the event that the parties want to address me orally on the form of orders or the appropriate costs orders. Catchwords: CONTRACTS - Contracts Review Act - purpose, scope and applicability - sale of land between two couples - no bank or financial institution involved - vendors setting an exorbitant price which bore no relation to value on terms of vendor finance that concealed from the purchasers the improvidence of the transaction - exploitation of trust and friendship

MORTGAGES - inevitability of default at conclusion of period for vendor finance - setting of contract price grossly outside the fair or market value range of property Legislation Cited: Competition and Consumer Act 2010 (Cth), Schedule 2 (Australian Consumer Law) Contracts Review Act 1980 (NSW), s 4, s 6, s 7, s 9, s 19 Interpretation Act 1987 (NSW), s 34 National Consumer Credit Protection Act 2009 (Cth), Schedule 1 Trade Practices Act 1974 (Cth) Cases Cited: Australian Competition and Consumer Commission v Lux Distributors Pty Limited [2013] FCAFC 90 Blomley v Ryan (1956) 99 CLR 362 Henville v Walker [2001] HCA 52; 206 CLR 459 O'Brien v Smolonogov (1983) 53 ALR 107 Provident Capital Limited v Papa [2013] NSWCA 36 Texts Cited: John R Peden, The Law of Unjust Contracts, (1982, Butterworths) John R Peden, Harsh and Unconscionable Contracts: Report to the Minister for Consumer Affairs and Co-operative Societies and the Attorney-General for New South Wales, (1976) Category: Principal judgment Parties: John Russell Gray (First Plaintiff) Narelle Lynn Steinwede (Second Plaintiff)