Epic Feast Ltd v Mawson FLM Holdings Ltd

South Australia (Full Court) decision concerning whether an option to purchase executed contemporaneously with a usurious mortgage (~61.5% p.a.; option price = loan + interest, exercise deadline coinciding with the redemption date so as to deny the mortgagor's capacity to redeem) was a clog/fetter on the equity of redemption and/or an unconscionable transaction (Debelle J: 'much which points to the conclusion that this was an unconscionable transaction'). The recorded 'implied term / business efficacy (BP Refinery)' principle is MIS-ATTRIBUTED; the case is about clogs on the equity of redemption and unconscionability, not implication of terms in commercial contracts.