A privy by contract of a party entitled to enforce a conventional estoppel can step into the shoes of the entitled party and enforce the estoppel, and is itself bound by it; accordingly, debtors whose creditor is estopped from denying an assignment cannot themselves deny the assignment's validity. In the context of managed investment schemes involving round robin financing, a prospectus does not represent that borrowed funds will be used for a particular purpose merely because it states the subscription price and the works to be performed; the cost stated in a farming agreement is the price to the investor, not a representation about future expenditure by the manager. The limitation period in s 87(1CA) of the Trade Practices Act extinguishes the underlying right under s 87(1A), not merely the remedy.
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