Wong v Van Vlymen

The case of Wong v Van Vlymen involved a dispute between the plaintiff, Wong, and the defendant, Van Vlymen, regarding the sale of unlisted shares. The plaintiff sought specific performance of the contract, while the defendant argued that he was unable to obtain the necessary finance to complete the transaction. The matter was heard by the Supreme Court of New South Wales.

The legal issues before the court included whether the contract for the sale of the shares implied a term that the defendant's performance was subject to obtaining finance, and whether specific performance should be refused on discretionary grounds due to impossibility or hardship. The court also had to consider whether damages would be an adequate remedy for the plaintiff.

In delivering the judgment, the court found that there was no implied term in the contract that the defendant's performance was subject to obtaining finance. The court also held that the defendant was willing to perform the contract but was unable to obtain the necessary finance. The court considered that damages would be an adequate remedy for the plaintiff and refused to grant specific performance on discretionary grounds due to impossibility or hardship. The court found that the defendant's inability to obtain finance did not amount to impossibility or hardship that would justify refusing specific performance.

The court ordered that the defendant pay the plaintiff damages in the amount of $200,000, plus interest. The court also ordered that the defendant transfer the shares to the plaintiff upon receipt of the damages.