4013LAW Lecture Notes - Lecture 11: Calverley, Fide, Oral Contract
24 Jul 2018
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Document Summary
Equitable interests: an interest in property enforced and created by the courts in a situation where it would be unconscionable for the legal owner of the property to retain the benefit of the property. Contracts: execution of a valid contract for the sale of property is sufficient to establish a property interest in the purchaser (lysaght v edwards), the vendor will, in equity, become a trustee for the purchaser. The purchaser will have beneficial ownership (the estate contract) with the vendor, retaining the right to possession until the purchase money is paid. If there is a specifically enforceable contract, equity will intervene and treat the parties as though they had a legal interest (walsh v lonsdale see leases"). If there is no written contract but both parties have gone ahead with the agreement the court may allow part performance and estoppel as an equitable remedy.
