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A superannuation fund as a buyer?

Dixon, William M. (2008) A superannuation fund as a buyer? The Queensland Lawyer, 29(2), pp. 65-66.

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Abstract

In Bennett v Stewart McMurdo J considered the operation of a contract where the buyer was described as a superannuation fund.

The Bennetts signed a standard REIQ contract as buyers of the Stewarts’ house and land. However, the reference schedule to the contract document contained these words next to the word ‘buyer’:

‘Bennett Superannuation Fund’

The Bennetts wished to enforce the contract.

In response, the Stewarts (the sellers) raised two issues:

• As the ‘Bennett Superannuation Fund’ was a trust and not a distinct legal entity capable of making a contract, the contract did not specify who was the buyer, so that the contract was void for uncertainty; and • The contract was unenforceable as there was no sufficient note or memorandum for the purposes of s 59 of the Property Law Act 1974 (Qld) as s 59 requires, amongst other things, an identification of the parties.

McMurdo J did not accept either of these arguments and made an order for specific performance in favour of the Bennetts. Looking at each issue separately:

Impact and interest:

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ID Code: 42566
Item Type: Journal Article
Keywords: Property Law, REIQ contract , superannuation fund
ISSN: 0312-1658
Subjects: Australian and New Zealand Standard Research Classification > LAW AND LEGAL STUDIES (180000) > LAW (180100) > Property Law (excl. Intellectual Property Law) (180124)
Divisions: Current > QUT Faculties and Divisions > Faculty of Law
Current > Schools > School of Law
Copyright Owner: Copyright 2008 Lawbook Company/Thomson Legal & Regulatory
Deposited On: 13 Jul 2011 07:52
Last Modified: 13 Jul 2011 10:20

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