Iacullo v Hillam [2014] NSWSC 1021

Iacullo v Hillam [2014] NSWSC 1021

Plaintiffs cannot enforce obligation under Third Loan Agreement as $75,000 was not advanced; payment of $910,000 was conditional upon all loans being made. The parties abandoned the Third Loan Agreement, so plaintiffs retain rights under First and Second Loan Agreements and are entitled to $710,000 plus interest.

Jurisdiction
Australia
Judgment Date
30 July 2014
Procedural Posture
Contract Dispute / Judgment
Outcome
Judgment for the plaintiffs
Legal Topics
['novation' 'agreement Construction' 'repudiation' 'abandonment of Agreement']
['contract'] ['novation' 'agreement Construction' 'repudiation' 'abandonment of Agreement']

Case Brief

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Procedural Posture

Contract Dispute / Judgment

Legal Issues

  1. 1 ['Whether subsequent agreements replaced earlier ones (novation)' 'Whether obligation to pay is conditional on grant of charge' 'Whether failure to pay or grant charge constitutes repudiation' 'Whether abandonment of agreement occurred']

Ratio Decidendi

Plaintiffs cannot enforce obligation under Third Loan Agreement as $75,000 was not advanced; payment of $910,000 was conditional upon all loans being made. The parties abandoned the Third Loan Agreement, so plaintiffs retain rights under First and Second Loan Agreements and are entitled to $710,000 plus interest.

Court Disposition

Judgment for the plaintiffs

Orders

  • ['Judgment for the plaintiffs in the sum of $981,647.95.' "The defendant pay the plaintiffs' costs of the proceedings."]