Question
Samantha signs a contract to buy a brand-new unit in Kogarah. The contract is subject to an extended settlement period of 120 days. Samantha, through
Samantha signs a contract to buy a brand-new unit in Kogarah. The contract is subject to
an extended 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
money realised from the sale of the Oatley unit to pay the balance of the purchase price
of the Kogarah unit.
A problem arises when Samantha's unit does not sell by the expected date. Samantha needed to secure short-term finance at an almost exorbitant interest rate just so she can buy the Kogarah unit. Samantha consults her solicitor, who advises her that she can sue the buyer of her Oatley unit for breach of contract and ask for damages including the additional interest charges she incurred. Is Samantha's solicitor correct? Explain your answer.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-text-image.webp)
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Step: 3
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started