The high price of hesitation where time of the essence

Duncan, William D. (2011) The high price of hesitation where time of the essence. Australian Property Law Bulletin, 26(2&3), pp. 24-25.

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Abstract

The decision of Lai v Soineva [2011] QSC 247 in relation to the operation of standard conditions in the Queensland REIQ contract highlights a very practical issue often overlooked in the heat of a transaction .The point is relatively simple. In this instance ,the case concerned the interpretation of the printed "Building and Pest Inspection Clause" but is of relevance to the printed "Finance Clause" in the same contract as the wording and principles are identical. It highlights the issue of knowing well what is in the standard contract and not making assumptions. The case also highlights the cost to a party of dithering in making an election in a time of the essence environment

Impact and interest:

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ID Code: 56813
Item Type: Journal Article
Refereed: No
Keywords: Queensland REIQ contract , Building and Pest Inspection Clause, property law, Finance Clause
ISSN: 0817-2854
Subjects: Australian and New Zealand Standard Research Classification > LAW AND LEGAL STUDIES (180000) > LAW (180100)
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 2011 Lexis Nexis Butterworths.
Deposited On: 01 Feb 2013 05:01
Last Modified: 14 Feb 2013 00:05

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