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To finance their purchase, the
Worsdales were expecting $ 20,000 from a business transaction, plus a further $ 28,000 from the sale of a property. However, 21 days before the date of settlement, both these funds had not materialized, and as a result, they advised the vendors that they had repudiated
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On the following day, the vendors advised the
Worsdales that they had now cancelled the contract, and on the same day, resold the property to another party for $ 60,000.
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The
Worsdales entered into a contract in 1980 to purchase the Polglases' Paraparaumu home for $ 60,000, paying $ 6,000 deposit.
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The court held that a deposit of 10% was customary, and refused to grant any relief here for a forfeited deposit of 10%.
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1 NZLR 722 is a cited case in New
Zealand regarding relief under the
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Chetwin, Maree; Graw, Stephen; Tiong, Raymond (2006).
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where a contract is repudiated by one of the parties.
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An introduction to the Law of
Contract in New Zealand
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166:(4th ed.). LexisNexis. pp. 205–206.
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