Yu v Guo [2009] NSWSC 459

Yu v Guo [2009] NSWSC 459

The Court preferred Ms Guo's evidence that the actual agreed price for the shares was $150,000 and that the deed's specification of $250,000 did not reflect the true agreement. Sufficient evidence established the real agreement between the parties justifying rectification to $150,000.

Jurisdiction
Australia
Judgment Date
04 June 2009
Procedural Posture
Equity – Rectification of Contract / Principal Judgment
Outcome
Statement of claim dismissed. Cross-claim for rectification upheld.
Legal Topics
['rectification' 'contract Formation' 'evidence of Negotiations']
['equity'] ['rectification' 'contract Formation' 'evidence of Negotiations']

Case Brief

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Procedural Posture

Equity – Rectification of Contract / Principal Judgment

Legal Issues

  1. 1 ['Whether the deed of agreement for sale of shares specified the correct purchase price' 'Whether rectification should be granted to substitute the actual agreed price']

Ratio Decidendi

The Court preferred Ms Guo's evidence that the actual agreed price for the shares was $150,000 and that the deed's specification of $250,000 did not reflect the true agreement. Sufficient evidence established the real agreement between the parties justifying rectification to $150,000.

Court Disposition

Statement of claim dismissed. Cross-claim for rectification upheld.

Orders

  • ['Mr Yu to pay the costs of Ms Guo and Addsum Investments.' "The Deed of Agreement is rectified by substituting '$150,000' for '$250,000' as the purchase price in clause 3." 'Mr Yu and Addsum Accountants must pay the costs of the amended first cross claim.']