Backdating contracts verbal contracts contract splitting

04-May-2017 12:16

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This notice was prescribed for the purpose of regulating residential property loans.The Judge held that the said option was enforceable at the instance of the Respondents.3 As we shall see, the present appeal necessitates the consideration of the applicable legal principles in relation to one of the most confused (and confusing) areas in the common law of contract – that of illegality and public policy.The Judge also found that the Option was not void and unenforceable for illegality at common law since the illegal manner in which the Respondents intended to procure financing was too remote from the contract and the Respondents did not need to rely on the backdating to found their claim against the Appellant.15 The key question in this appeal (as alluded to at the outset of this judgment) is whether the Respondents are entitled to enforce the Option despite the fact that it was backdated for the purposes of enabling the Respondents to obtain a larger credit facility than they were otherwise entitled to under the 5 October Notice.

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The Respondents’ position was that Ong had told them that “a lot of buyers” were backdating their purchases to dates prior to 5 October 2012 for that reason and that this was simply “common practice”.9 On 15 October 2012, the Respondents were offered a loan from the Bank at the LTV ratio of 80% and on 19 October 2012, they accepted the offer.

On 25 October 2012, the Respondents’ solicitors unsuccessfully attempted to exercise the Option at the offices of the Appellant’s solicitors.