Gill (Malaya) CJ:

This is an appeal from the decision of Arulanandom J dismissing the appellants' application for an order to set aside a private caveat entered at the instance of the respondent on the register document of title to land comprised in holding

No. 456, Town Subdiv 20, North East District, Penang with a building thereon known as premises No. 53 King Street Penang (hereinafter called "the property").

The caveat was lodged by the respondent pursuant to an agreement in writing dated 9 July 1973 whereby he had agreed to purchase the said property from Weng Lye Development Sdn. Bhd. (hereinafter called "the Vendors") for a sum of $175,000 and paid a deposit of $17,500 towards the purchase price. He was to say the balance of the purchase price on or before 6 November 1973, whereupon the vendors were to execute in his favour a valid and registrable transfer of the said land in National Land Code Form 14A. In the event of his failure to pay the balance purchase price within the stipulated time, the vendors were to be at liberty to determine the agreement and forfeit the deposit. It was stated in the recital in the agreement that the vendors were the registered propr