An oral agreement to enter into future documents (a rescission deed and a replacement contract for sale) is not a creation or disposition of an interest in land within s 23C of the Conveyancing Act 1919 (NSW), and even if s 54A applied, entry into the rescission deed would constitute sufficient part performance. Where a mortgagee exercising a power of sale is bound under an existing contract and negotiates a replacement contract at an increased price, the assessment of compliance with the mortgagee's duties must take into account the overall context including the existing contractual obligation, and it is not unreasonable for the mortgagee to agree to a replacement contract at an increased price where it reasonably believes the purchaser could complete the existing contract.
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