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Torrens Title II: Indefeasibility and ExceptionsProblem Questions 1. Bill and Ben are out to dinner. They agree that Bill will purchase Ben’s Torrens title house and they write the terms of their agreement on the table napkin as follows:“By this Deed, Bill agrees to purchase Ben’s property at 15 Smith Street, Hornsby for a price of $650,000. Signed sealed and delivered on 1 August, 2017”They both sign the napkin with the waiter witnessing their signatures and Ben takes it home with him. Two weeks later, he receives a better offer for the property and tears up the napkin, saying that he does not intend to complete the sale to Bill.Advise BillAnswerIssue: Does the agreement between Bill and ben constitute a contract and if so was there a breach by Ben by tearing up the napkin and stating he no longer wants to sell the home?SignatureIn the signing of the napkin it creates an intention to contract and the decision to seal the property to another individual upon better price is a breach of contract. The signing of the napkin created a constructive trust where Ben is holding it for the benefit of Bill. However there is no legal proprietary interest as it isn't registered. Bill has an equitable interest in regards to the contract as the contract was created on constructive trust. Registration/ Equitable v Legal interestTorrens system is a system of title of registration and the authority for that is the case of breskvar and wall. Bill hasn’t registered the property therefore there is no valid register of it however he will have an equitable interest in the property notwithstanding the sue of the deed. There is no legal interest as he has not registered it. Bill will be able to have the