Perception Investire Pty Ltd v Bassal Holdings Pty Ltd

Perception Investire Pty Ltd took legal action against Bassal Holdings Pty Ltd in a matter concerning a contract for the purchase of a commercial property. The plaintiff rescinded the contract, seeking to enforce an option deed. The individual defendant signed the option deed on behalf of the company, although he was not a director. The plaintiff argued that the defendant was held out as the company's agent, allowing the plaintiff to make assumptions under section 129 of the Corporations Act 2001. The court had to determine whether the individual defendant was held out as an agent of the company, whether the option deed was valid, and whether the option was validly extended and exercised.

The court first examined whether the defendant was held out as an agent of the company. The court found that there was no evidence that the defendant was held out as an agent of the company. The court held that the plaintiff was not entitled to make assumptions under section 129 of the Corporations Act 2001. The court further found that the option deed was invalid because the individual defendant did not have the authority to sign on behalf of the company. The court also held that the option was not validly extended or exercised. The court found that the individual defendant did not have the authority to extend or exercise the option on behalf of the company.

The court ordered that the option deed was invalid and that the option was not validly extended or exercised. The court further ordered that the plaintiff was entitled to a return of the deposit paid under the contract for the purchase of the commercial property. The court did not make any orders in relation to any other claims made by the plaintiff. The court held that the plaintiff was not entitled to any other relief.