5 Dec 2016
NGUYEN AND NGUYEN v SM & T HOMES LIMITED [2016] NZCA 581
- Citation
- [2016] NZCA 581
- Court
- Court of Appeal
The contract was concluded at the fall of the hammer; the combined effect of the Reserve Authority and Auction Conditions signed by the vendors provided a sufficient written record under s 24 PLA 2007 to bind both vendors (and the auction process authorised completion of price/purchaser details); alternatively the purchaser's immediate payment of the deposit to the vendors' agent constituted part performance; accordingly specific performance was available and the agreed default interest rate applied.