The plaintiff and defendant entered into an oral agreement to purchase a commercial property through a newly incorporated company.
The plaintiff contributed $400,000 and the defendant was to contribute $2.3 million, but the defendant later refused to provide more than $800,000, causing the transaction to fail.
The vendors sued the plaintiff and the company, resulting in a settlement and forfeited deposit.
The plaintiff sued the defendant for breach of contract to recover his losses.
The court found a valid oral agreement existed, rejected the defendant's Statute of Frauds and corporate law defences, and awarded the plaintiff $184,230.42 in damages.
