Jordan wants to invest in an investment property. Jordan has been banking with OFPL with his personal
Question:
The backpackers, known as Dreamhouse, has a 24hr check-in, and a rooftop bar and swimming pool which are open 24hrs, with non-stop parties every day. As part of the council approval to operate as a backpackers, the zoning of the entire street was changed from residential to commercial. Jean knew about these plans and the probable impact on the value of MDCH at the time that Jordan signed the contract to purchase it from Ken but did not say anything about this to Jordan. When Jean told Ken that Jordan had signed an offer to buy MDCH for $3,000,000, Ken was very surprised. Ken said to Jean that this was an incredible price given his (Ken's) plans to open up the backpackers next door, and that he didn't understand what was going on. Jean told Ken that he (Jean) said to Jordan, "Ken has lived next door for a long time and loves the area so has no plans to sell." Ken wondered what else Jean told or did not tell Jordan but decided not to raise it again.
What relevant equitable claims could Jordan bring arising from the circumstances and what relief may be available to him?
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill