CORDON INVESTMENTS PTY LTD v LESDOR PROPERTIES PTY LTD

摘要

Lesdor owned certain property. It contracted with Cordon for Cordon to develop the property. Cordon was responsible for obtaining all necessary approvals and for all construction costs, and was to be reimbursed its actual costs from a loan it had obtained to fund the development. Its profit was to be derived from the sale of certain units in the project to the extent the proceeds exceeded the development costs. Lesdor was entitled to retain the balance of the units. It guaranteed Cordon's loan obligations and gave a mortgage over the property as security. Work commenced.