Question
Samantha signs a contract to buy a brand-new unit in Kogarah. The contract is subject to anextended settlement period of 120 days. Samantha, through her
Samantha signs a contract to buy a brand-new unit in Kogarah. The contract is subject to
anextended settlement period of 120 days. Samantha, through her solicitor, transfers the 10%deposit to the vendor's solicitor and then speaks with her mortgage broker about obtaining a loan.
While all this is going on, Samantha sells her own unit in Oatley. She intends to use the
moneyrealised from the sale of the Oatley unit to pay the balance of the purchase price
of the Kogarahunit.
A problem arises when Samantha's unit does not sell by the expected date. Samanthaneeded tosecure short-term finance at an almost exorbitant interest rate just so she can buy the Kogarahunit. Samantha consults her solicitor, who advises her that she can suethe buyer of her Oatleyunit for breach of contract and ask for damages including theadditional interest charges sheincurred. Is Samantha's solicitor correct? Explain your answer. (Maximum 150 words)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started