Karangahape Road International Village Ltd v Holloway - [1989] 1 NZLR 83

Contract — Sale of land — Contract for sale to named purchaser "or nominee" was conditional upon purchaser raising specified finance on first mortgage, and the vendor leaving money on second mortgage — By common mistake small area of land was omitted from contract — Named purchaser nominated company as purchaser and arranged finance of specified amount but on more onerous terms than those specified in contract — When purchaser failed to settle vendor served settlement notice to settle by 4 pm on specified day and at 4.06 pm on that day cancelled the contract — Whether nominee was entitled to seek specific performance — Whether a common mistake which could be remedied by rectification prevented vendor from being ready, able and willing to settle — Whether vendor was entitled to cancel at 4.06 pm — Whether purchaser was entitled to waive condition as to finance as being solely for his benefit — Contracts (Privity) Act 1982, ss 4 and 8.