The Court dismissed the purchasers' claims for return of deposits paid under a Business Sale Agreement and Contract for Sale of Land for a hotel property sold on an 'as is, where is' basis by receivers. The Court held that pre-contractual emails from the receivers indicating they were seeking quotes to address water ingress and mould did not constitute misleading or deceptive conduct under s 18 of the Australian Consumer Law, particularly where the purchasers had actual knowledge of the defects, inspected the property, signed extensive no-reliance and 'as is' acknowledgements, and were experienced commercial parties represented by solicitors. The Court also declined to exercise the discretion under s 55(2A) of the Conveyancing Act 1919 (NSW) to order return of the deposits, and refused an application to reopen the plaintiffs' case to subpoena and call the receivers' witness after a deliberate tactical decision not to adduce that evidence in chief.
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