Section 54A(1) of the Conveyancing Act 1919 (NSW) applies to agreements for lease regardless of whether the contracting party has any present interest in the land or contractual right to acquire one; the section looks to what would happen if the contract were performed. Part performance of such a contract provides a basis for equitable relief only and does not entitle a party to common law damages for breach of contract. Mere expression of assent to contractual terms does not constitute a representation under s 52 of the Trade Practices Act that the party intends to comply with the contract or that the contract is enforceable.
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