Proceedings addressing the respective rights of the parties to a call option deed. Namely, whether the respondents had grounds to terminate the contract on the basis that although the contract was signed the deposit was not paid in time.
Bradley J declared that the applicant had exercised the call option within the stipulated timeframe and that the purported termination of the contract arising from the exercise of the call option was invalid and ineffective to terminate the contract or to cause the forfeiture of the deposit paid by the applicant at the time it exercised the call option.
Matthew Doyle (with J W Peden QC) appeared for the first and second respondents, instructed by Russels.
The judgment is published here.
