Sean Shortcut is employed in the loans department of the Mega Bank, which has loaned $290,000 to Mercia de Fault to purchase a torrent title property in Melbourne suburb. Unfortunately Mersia defaults in her payments and Sean is instructed to exercise the bankâ€™s rights as mortgagee. Sean wanted to impress the boss and suggests that foreclosure might be a good idea. Is this the best option? What does law require in these circumstances
What is another name for Equity Law and how does it differ from statutory law?
Nicholas and Alexandra are cruising one fine Saturday when they spot their ideal mansion for sale. They place a deposit and sign a contract for $2 million. All the way home, they make plans about renovations and additions. Their biggest plan is to add a top storey to the existing two-storey dwelling to take in spectacular views over the nearby mountains. Their conveyancer rings them urgently the next week to advice that there is a restriction on the building dating back one hundred years, limiting it to two storeys. The surrounding land has since been developed into one acre lots with complete and well spaced housing.
What can they do? Are they bound to accept the restriction? Explain in full:
Is payment of a deposit a requirement for a valid contract of sale? Explain
In simple language, explain â€˜considerationâ€™ in regards to a contract
Larry and Marry are both age 21 years. They have been going out together for the last 18 months. They have just purchased Blackacre, near the national park for $100K, appropriately, how should the Transfer of Land be expressed? Why?
If after a settlement in Melbourne, Harry discovered Borisâ€™ mother in law was living in a hut at the overgrown back of the premises pursuant to an unregistered life estate (not disclosed by the usual searches and not disclosed in the answers to Requisitions in Title) advice Harry of his options. Explain.