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NT Business Partnership - Business Partner Pulled the Wool Over My Eyes?

Discussion in 'Commercial Law Forum' started by paul kelly, 14 October 2014.

  1. paul kelly

    paul kelly Member

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    I was in a business partnership with a so-called friend for 20 odd years. During that period we bought a house through the business. Just under 12 months ago, I decided to retire and get the pension. The house was still in both names under finance. My business partner said he will work out what I get. I signed my share of the house over to him. He worked out what I should get for the house and business. I thought it was a bit under what I should have gotten, but I said to myself, "no, he's a fair man," So I took it. Now I realise he pulled the wool over my eyes. Is it to late for me to react? What do I do? Have I got any grounds under Australian law?
     
  2. Sarah J

    Sarah J Well-Known Member

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    This is a difficult matter because the law generally upholds the intentions of parties. In this case, your intention was to assign your share in the property over to your business partner for X amount of consideration.

    You could either:

    1. Look at the formalities of the transfer and whether it complied with all assignment requirements. Perhaps the transfer was void on technicality?
    2. Did the business partner make any express or implied representations to you that you can now point to and say, he misrepresented and in reliance of this misrepresentation, I entered into the contract to my detriment and he should not be allowed to depart from this misrepresentation now? You will need to have some evidence of this misrepresentation.
    3. Do you have any evidence of the way your business partner calculated your share? As well as evidence of what the fair and reasonable market share is?

    It is always a bad idea to assign anything rights over without getting details of the agreement in writing specifically expressing what the other party promises to do in exchange.
     

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