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Guest
What is the name of your state? NSW
Conaust Pty ltd wishes to establish a design centre in building studies at a tertiary institution in sydney.
On 1 March 2000 it writes to the university offering to donate the sum of $2 million to establish a design centre which would specialise in design development in the pacific region. It stipulates that the money is to be paid in 4 annual instalments of $500,000, the first instalment to be paid on 1 April 2000. The money is to be paid on condition that the design centre will be called the Conaust Centre for Design Development. In addition to the instalments, Conaust would make a further donation of $100,000 to the university.
The university writes to Conaust advising that it accepts with great pleasure conausts most generous offer and immideiatly spends $30,000 advertising a position for the director of the centre and obtaining other literature and research material. The university asks Conausts managing director for advice on industry practise during the process and this advice is willingly given.
On 15 June 2000 Conaust advises the university by letter that it was withdrawing its commitment to establish the centre as there had been an economic downturn in the pacific region. Instead it proposes to finance the setting up of a design centre specialising in design development in europ at another tertiary institution.
Is there a valid contract between the university and Conaust?
What are the universitys rights against conaust & any remedies which may be available on it?
Conaust Pty ltd wishes to establish a design centre in building studies at a tertiary institution in sydney.
On 1 March 2000 it writes to the university offering to donate the sum of $2 million to establish a design centre which would specialise in design development in the pacific region. It stipulates that the money is to be paid in 4 annual instalments of $500,000, the first instalment to be paid on 1 April 2000. The money is to be paid on condition that the design centre will be called the Conaust Centre for Design Development. In addition to the instalments, Conaust would make a further donation of $100,000 to the university.
The university writes to Conaust advising that it accepts with great pleasure conausts most generous offer and immideiatly spends $30,000 advertising a position for the director of the centre and obtaining other literature and research material. The university asks Conausts managing director for advice on industry practise during the process and this advice is willingly given.
On 15 June 2000 Conaust advises the university by letter that it was withdrawing its commitment to establish the centre as there had been an economic downturn in the pacific region. Instead it proposes to finance the setting up of a design centre specialising in design development in europ at another tertiary institution.
Is there a valid contract between the university and Conaust?
What are the universitys rights against conaust & any remedies which may be available on it?