Hilas and Anor v GGPG Developments (No 133) Pty Ltd and Anor

The case of Hilas and Anor v GGPG Developments (No 133) Pty Ltd and Anor involved a dispute between the applicants, Hilas, and the respondents, GGPG Developments. The matter before the court centred around a put and call option deed that had been executed for the acquisition of certain property. A key issue in the case was whether the deed was sufficiently certain in terms of the purchase price for the call option, particularly given that the variation to the deed did not address this aspect. Additionally, the court had to determine whether the notice of exercise of the put option given by the applicants was valid, especially considering that the applicants had enclosed an executed contract that was not required under the deed.

The court considered whether the deed was uncertain as to the purchase price of the call option, despite the variation extending the time for exercising the options. The court also assessed the validity of the notice of exercise of the option, which included an executed contract that was not stipulated in the deed. The court examined whether the inclusion of this additional document rendered the notice invalid. The court needed to address these issues to determine the enforceability of the deed and the validity of the notice of exercise.

In its decision, the court found that the deed was not uncertain as to the purchase price of the call option, and therefore, the deed was enforceable in that regard. Furthermore, the court held that the notice of exercise of the put option was valid and effectual despite the inclusion of an executed contract that was not required under the deed. The court concluded that the additional document did not invalidate the notice of exercise. Consequently, the respondents' application was dismissed.

The court's final orders included a declaration that the applicants' Notice of Exercise of Option dated 10 September 2020 was valid and effectual, dismissal of the respondents' application filed on 29 September 2020, and a direction for the parties to be heard regarding costs. This decision clarified the enforceability of the option deed and the validity of the notice of exercise, providing guidance on these contractual matters.