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kmslaw
kmslaw, Solicitor
Category: Australia Law
Satisfied Customers: 196
Experience:  I have 15 years legal experience behind me and I graduated from the University of Sydney with First Class Honours in Arts/Law.
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I am a director of a company & I asked all shareholders of

Customer Question

I am a director of a company & I asked all shareholders of the company whether the company would purchase a property I owned for $800K & they all replied in the affirmative. This was 3 years ago & the property is worth 1/4 of the price. Is their commitment binding legally (email)
Submitted: 1 year ago.
Category: Australia Law
Expert:  kmslaw replied 1 year ago.

Hello my name is***** am a solicitor in NSW and I am going to help you with your inquiry today.

Whether the emails are legally binding depends upon a number of factors, particularly how detailed your emails were. Did you specifically offer the property for sale and specify what terms would apply to the sale, for example, what deposit you would accept, how long it would take to settle, what other terms would apply if someone pulled out of the sale and so on? If it was a mere few emails stating a price and an acceptance of the price, that is unlikely to be enforceable. What you really needed was specific and detailed terms as to how it would come about that the property would be sold that were all definitely accepted in total by the shareholders.

If you want further guidance on this, can I recommend to you a recently published textbook on Electronic Contracts by Dr Simon Blount, a barrister with whom I work. It is published by Lexis Nexis and retails for about $99. It is in its Second Edition now. Otherwise, let me know if you need further help and I will offer you a further service to answer more of your questions.

Expert:  kmslaw replied 1 year ago.

How did you find my answer ? Did you get everything you needed?