The definition of 'deposit' in s 5 of the Sale of Land Act 1970 (WA) is exhaustive (per McLure P and Newnes JA), so that only payments specified as a deposit and payable within 28 days of execution are treated as the deposit for the purpose of determining whether a contract is a 'terms contract'. Payments labelled as deposit instalments but payable after 28 days are payments 'over and above' the deposit, making the contract a terms contract subject to the notice requirements of s 6. A vendor's default notice specifying failure to complete settlement on the settlement date constitutes reliance on a failure to pay a sum of money under s 6(2)(a), requiring 28 days' notice. The question whether the non-exhaustive construction (Murphy JA) is correct remains open for future consideration by a differently constituted court.
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