Share sale agreementPrescriptionAcknowledgement of debtInstalment paymentsContract variation
Tags
ContractPrescriptionShare Sale AgreementAcknowledgement of Debt
legislation
Statutes Cited
Prescription Act
Prescription Act
Prescription Act
Prescription Act
ai analysis
Case Summary
Key Issues
{"issue_text":"Has the plaintiff's claim prescribed?","issue_type":"procedural","dispositive":"yes","related_facts":"Agreement signed 30 June 2008; last instalment due 1 January 2013; summons served 4 January 2016"}
{"issue_text":"Was the sale agreement lawful?","issue_type":"law","dispositive":"no","related_facts":"Alleged contravention of Exchange Control Regulations"}
{"issue_text":"Was the sale agreement varied?","issue_type":"fact","dispositive":"no","related_facts":"Unsigned addendum allegedly reducing price to US$40 000"}
{"issue_text":"Did defendant acknowledge the debt on 19 March 2015?","issue_type":"fact","dispositive":"yes","related_facts":"Defendant's words at meeting"}
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background
Facts of the Case
Background
Plaintiff sold her 10 000 shares in family company to defendant brother for US$240 000 payable in five instalments over five years. Defendant paid only US$40 000. Plaintiff sued for balance; defendant pleaded prescription and alleged agreement was varied to US$40 000.
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