Contract Law

Yango Pastoral Co Pty Ltd v First Chicago Australia Ltd (1978) 139 CLR 410

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Facts
  • The P lent the D a sum of money, secured by a mortgage and several guarantors
  • When the D defaulted on the loan, the P sued the mortgagees and guarantors
  • The D said they could not do that based on provisions of the Banking Act 1953 which fined anybody who carried out banking without a proper license
  • The P did not have a proper licence
Held
  • The statute did not expressly render it unlawful to give or lend money without a licence, it just imposed a fine on those who did (similarity to building licenses here)
  • This was supported because the fine was not per contract, it was per day.
  • The HCA refused to believe that parliament would have intended to render the contract illegal where the result would e grave injury to innocent members of the public

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