Macquarie Developments Pty Ltd & Anor v Forrester & Anor [2005] NSWSC 674

Macquarie Developments Pty Ltd & Anor v Forrester & Anor [2005] NSWSC 674

The Court preferred the evidence of the Messrs Forrester over that of Messrs McGraw and Neskovski. It found that there was only one meeting at which the payment was discussed, on 14 August 2001, and that at that meeting the parties agreed the Plaintiffs' payment of $150,000 would be non-refundable in any event. Accordingly, the Plaintiffs were not entitled to repayment and their claim failed on the facts.

Jurisdiction
Australia
Judgment Date
08 July 2005
Procedural Posture
Claim for Repayment of Part Payment of Deposit Under Proposed Share Sale Agreement / Judgment After Hearing
Outcome
Judgment for the Defendants.
Legal Topics
['oral Agreement' 'non Refundable Deposit' 'proposed Sale of Shares' 'credit of Witnesses' 'affidavit Evidence']
['vendor and Purchaser' 'contract Law' 'evidence'] ['oral Agreement' 'non Refundable Deposit' 'proposed Sale of Shares' 'credit of Witnesses' 'affidavit Evidence']

Case Brief

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Procedural Posture

Claim for Repayment of Part Payment of Deposit Under Proposed Share Sale Agreement / Judgment After Hearing

Legal Issues

  1. 1 ['Whether the Plaintiffs and Defendants orally agreed that the payment of $150,000 would be non-refundable if the proposed share sale agreement did not proceed.' 'Whether the payment of $150,000 was made as part payment of a refundable deposit or as a non-refundable inducement for the Defendants to continue dealing with the Plaintiffs.' 'Whether the evidence of Messrs McGraw and Neskovski or the evidence of the Messrs Forrester should be accepted as to the critical discussions.']

Ratio Decidendi

The Court preferred the evidence of the Messrs Forrester over that of Messrs McGraw and Neskovski. It found that there was only one meeting at which the payment was discussed, on 14 August 2001, and that at that meeting the parties agreed the Plaintiffs' payment of $150,000 would be non-refundable in any event. Accordingly, the Plaintiffs were not entitled to repayment and their claim failed on the facts.

Court Disposition

Judgment for the Defendants.

Orders

  • ["Judgment for the Defendants on the Plaintiffs' Amended Statement of Claim." 'The Court will hear the parties as to costs.']