Where a vendor has waived the essentiality of time for completion, a rescission notice purportedly given under clause 5 of Table A of the Transfer of Land Act 1958 (Vic) can operate as a notice at law fixing a reasonable time for performance and making time of the essence, provided the purchaser is in default or guilty of unreasonable delay. The characterisation of delay as 'unreasonable' is not negated by the fact that extensions were formally agreed with consideration. A rescission notice is to be construed in context, and a reasonable reader in the position of the purchaser must be in no reasonable doubt as to the default specified and the time for remedy.
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