Moses v Ratner

The case of Moses v Ratner involved a dispute between the parties over the cost of construction of dwellings on a jointly owned property. The parties had entered into an agreement to form a joint venture to acquire and develop the property, but the agreement was never formalised in writing. The primary issue before the court was to determine the terms of the joint venture agreement, specifically the cost of construction of the dwellings.

The court was required to consider the evidence presented by both parties and determine the terms of the joint venture agreement based on the circumstances of the case. The court found that the parties had intended to form a joint venture and that the terms of the agreement were established through the conduct of the parties and their communications. The court held that the cost of construction of the dwellings was a material term of the joint venture agreement and that the parties had agreed to a cost of $350,000 per dwelling.

The court's reasoning was based on the principle of implied terms, where the court may imply terms into a contract where it is necessary to give business efficacy to the contract. The court found that the cost of construction of the dwellings was a necessary term of the joint venture agreement and that the parties had agreed to a cost of $350,000 per dwelling based on their conduct and communications.

The court ordered that the cost of construction of the dwellings be $350,000 per dwelling and that the parties share the cost of construction equally. The court also ordered that the parties share the profits and losses of the joint venture equally. The decision of the court provides guidance on the implications of an unwritten joint venture agreement and the principles that may be applied to determine the terms of such an agreement.