Print National Nominees Pty Ltd v Veritage Group Holdings Pty Ltd

Print National Nominees Pty Ltd brought proceedings against Veritage Group Holdings Pty Ltd, seeking a declaration that an option to acquire property was validly exercised and seeking an order for specific performance. The dispute centred on whether the option was exercised within the specified time and whether the parties were entitled to rectification of the option deed due to a common or unilateral mistake. The case was heard in the Supreme Court of New South Wales.

The legal issues before the court included whether the option was exercised within the time limit set out in the option agreement, the construction of the phrase "date of this deed" in the context of a backdated document, and whether there was a unilateral or common mistake that warranted rectification of the option deed. The court had to determine whether the option was validly exercised by assessing the notice of exercise, the meaning of the date of the deed in light of its backdating, and whether there was a mistake that justified rectification.

In addressing the first issue, the court held that the option was exercised within the specified time, despite the deed being backdated. The court found that there was no evidence that the solicitor had authority to backdate the deed and that the option was exercised within the stipulated period. The court also rejected the claim for rectification, finding no evidence of a common or unilateral mistake. The court concluded that the option was validly exercised and ordered specific performance of the contract.

The court ordered that the defendants convey the property to the plaintiffs in accordance with the terms of the option agreement. The court also dismissed the defendants' claim for rectification of the option deed. The plaintiffs were awarded costs of the proceedings.