To tender or not to tender: When is a party ready,willing and able for electronic settlement?
The fact that a party to a land contract is ready willing and able to settle at the time of settlement can have critical ramifications upon their ability to terminate a contract for non-performance and seek a full suite of remedies for a breach from the party in default. Determining what constitutes a valid tender in the context of a traditional paper settlement where cheques are exchanged for title documents is well settled. In a digital environment, both the steps required to be taken by each party cooperatively leading to electronic settlement and the settlement processes are very different. This article compares the respective steps leading to tender in both the paper and electronic settlement process to ascertain what will constitute being ready willing and able for an electronic settlement taking into account the revisions in standard contracts for the sale of land in New South Wales and Queensland to accommodate electronic settlements. It concludes by suggesting that the concept of being ready willing and able to complete can be transferred to the digital environment to enable current principles of law to apply.
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|Item Type:||Journal Article|
|Subjects:||Australian and New Zealand Standard Research Classification > LAW AND LEGAL STUDIES (180000) > LAW (180100) > Property Law (excl. Intellectual Property Law) (180124)|
|Divisions:||Current > Research Centres > Commercial & Property Law Research Centre
Current > QUT Faculties and Divisions > Faculty of Law
Current > Schools > School of Law
|Copyright Owner:||Copyright 2016 LexisNexis Australia|
|Deposited On:||13 Oct 2016 05:36|
|Last Modified:||15 Oct 2016 14:43|
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