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[Solution]Question 1 [10 marks] Larry, an elderly pensioner, agreed to help his son Shemp overcome a cash flow problem that…

by | Jul 18, 2022 | Recent Orders

Larry, an elderly pensioner, agreed to help his son Shemp overcome a cash flow problem that Shemp’s business was experiencing. Larry said he would execute a mortgage over his home in Collaroy in order to secure what Shemp told him was a short-term loan of $100,000 from MegaBank Ltd to Moe Pty Ltd, Shemp’s private company. The Collaroy house is Larry’s only significant asset. Shemp brought the mortgage papers from the bank to Larry’s home and Larry signed them in front of his next door neighbour Curly, who witnessed the signature. However, the mortgage signed by Larry secured all outstanding debts owed by Moe Pty Ltd to MegaBank. At no stage did Larry receive any professional advice about the loan. Nor was he aware of all of its terms, one of which gave MegaBank the right to sell Larry’s home in case Moe Pty Ltd defaulted on the loan. Shemp’s business failed after six months because of rapidly falling consumer demand and a sharp rise in interest rates. Larry comes to you for advice. Advise Larry of the following: a) Could he rescind the mortgage he signed with MegaBank under any general

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