Wilbow Co P/L v Mailli

Wilbow Corporation Pty Ltd, the plaintiff, sought to enforce an option to purchase real property from Carmelo Mailli and Sebastiana Mailli, the defendants. The option, which was granted on 5 February 2001, stipulated that Wilbow could exercise the option to purchase the property at any time before 5 p.m. Brisbane time on 5 May 2001. The option was to be exercised by delivering the $29,000 balance of the initial deposit and a notice in writing exercising the option. The option further provided that the contract date would be deemed to be the date on which the option is exercised. The central issue was whether the option could be exercised on 7 May 2001, a public holiday, given that the option expired on 6 May 2001.

The court examined whether the terms of section 61(3) of the Property Law Act applied, which postpones the date of completion of a contract if the specified completion date falls on a Saturday, Sunday, or public holiday. The court found that section 61(3) was not applicable to the payment of the deposit but rather to the completion of the contract. The court concluded that Wilbow had failed to perform the stipulated conditions by not exercising the option before the expiration date, and thus the option could not be exercised on 7 May 2001.

In light of the above, the court dismissed the application and ordered that the caveat lodged by Wilbow be removed. The court also ordered that the removal of the caveat be stayed pending the expiration of the time limited for an appeal and extended the stay if an appeal was instituted within that time. Finally, the court ordered Wilbow to pay the respondents' costs of and incidental to the application.