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Bridgewater V Leahy [1998] Hca 66 Legal Issues Question One- (319 words) The contract at the centre of Bridgewater v Leahy [1998] HCA 66 is a deed of forgiveness
Submitted by lolliesRyum on June 23, 2008
Category: Business
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Legal Issues
Question One- (319 words)
The contract at the centre of Bridgewater v Leahy [1998] HCA 66 is a deed of forgiveness of debt, in relation to the transfer of land. The parties to this contract were Neil York, who bought the interest in the land, and Bill York who sold the interest, and forgave the debt.
The contract was entered into on 19th July 1988, with the terms being that Bill would transfer his interests in the Wonga Park fee simple, the Wonga Park perpetual lease selection, and the Risby land to Neil York. It was agreed that this would be for the consideration of $150 000 and the remaining $546 811 would be set aside in a deed of forgiveness. The Wonga Park fee simple was partly owned by Sam York, who agreed to transfer his interest to Neil as a gift, and this part of the transaction is not in question. On 28th November 1988, $150 000 was transferred into Bill York’s account in relation to the total cash owed under this contract.
In addition to this deed, the case looks at the last will and testament made several years earlier in 1985. This includes an option for Neil York to purchase interests in Bill York’s land, that being the properties of Wonga Park fee simple, Tooks land, Mt Leigh land, Risby land, and Wonga Park perpetual lease selection, and also Bill’s interest in the partnership Mt Leigh Pastoral Company. This option was created under clause four of the will and was in exchange for $200 000 consideration, to be split between Bill’s four daughters. Since the Wonga Park lands and Risby land were acquired under the 1988 transaction they were removed from this option.
Neil York did exercise his right to the option and paid $200 000 on 1st April 1990. Along with the $150 000 paid in 1988 the total amount paid, by Neil York, in this case is $350 000.
Question Two- (171 Words)
In this case there are five appellants who...
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