Savoy Investments (Qld) P/L as trustee v Global Nominees P/L as trustee

[2008] QCA 282

Queensland Court of Appeal

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Interrogate

Catchwords

1. Contract
2. › Repudiation and non-performance
3. › Anticipatory breach
4. › Whether insistence on incorrect interpretation of contract constitutes repudiation
5. › Whether willingness to accept authoritative interpretation negates repudiation
1. Contract
2. › Repudiation and non-performance
3. › Affirmation and election
4. › Whether purchaser affirmed contract by releasing deposit with knowledge of non-conformity
5. › Whether affirmation precluded subsequent termination on same basis
1. Contract
2. › Termination
3. › Readiness and willingness to perform
4. › Whether party seeking to terminate for anticipatory breach must prove readiness and willingness to perform
5. › Whether declaratory relief requires proof of readiness and willingness
1. Real Property
2. › Sale of land
3. › Contract of sale
4. › Property sold subject to lease
5. › Special conditions requiring directors' guarantee of lessee's obligations
6. › Due diligence provisions
7. › Property Law Act 1974 (Qld), s 70

Quick Take

A party who affirms a contract with full knowledge of a non-conformity cannot subsequently terminate on the basis of that same non-conformity. A party's insistence on an incorrect interpretation of a contract does not constitute repudiation where the party is willing to accept an authoritative interpretation. A purchaser seeking declaratory relief that it is entitled to terminate for anticipatory breach must adduce evidence of its own readiness, willingness and ability to complete.