Contracts in UK Law

Leading Cases
  • Luxor (Eastbourne) Ltd v Cooper
    • House of Lords
    • 12 Diciembre 1940

    The general presumption is that the parties have expressed every material term which they intended should govern their agreement, whether oral or in writing. But it is well recognised that there may be cases where obviously some term must be implied if the intention of the parties is not to be defeated, some term of which it can be predicated that "it goes without saying", some term not expressed but necessary to give to the transaction such business efficacy as the parties must have intended.

  • Bell v Lever Bros Ltd
    • House of Lords
    • 15 Diciembre 1931

    There are certain contracts expressed by the law to be contracts of the utmost good faith where material facts must be disclosed; if not the contract is voidable. Apart from special fiduciary relationships contracts for partnership and contracts of insurance are the leading instances. In such cases the duty does not arise out of contract; the duty of a person proposing an insurance arises before a contract is made; so of an intending partner.

  • Wickman Machine Tool Sales Ltd v L. Schuler A.G.
    • House of Lords
    • 04 Abril 1973

    The fact that a particular construction leads to a very unreasonable result must be a relevant consideration. The more unreasonable the result the more unlikely it is that the parties can have intended it, and if they do intend it the more necessary it is that they shall make that intention abundantly clear.

  • Rainy Sky SA and Others v Kookmin Bank
    • Supreme Court
    • 02 Noviembre 2011

    If there are two possible constructions, the court is entitled to prefer the construction which is consistent with business common sense and to reject the other.

  • Investors Compensation Scheme Ltd v West Bromwich Building Society
    • House of Lords
    • 19 Junio 1997

    (1) Interpretation is the ascertainment of the meaning which the document would convey to a reasonable person having all the background knowledge which would reasonably have been available to the parties in the situation in which they were at the time of the contract.

  • Davis Contractors Ltd v Fareham Urban District Council
    • House of Lords
    • 19 Abril 1956

    So perhaps it would be simpler to say at the outset that frustration occurs whenever the law recognises that without default of either party a contractual obligation has become incapable of being performed because the circumstances in which performance is called for would render it a thing radically different from that which was undertaken by the contract.

  • Wood v Capita Insurance Services Ltd
    • Supreme Court
    • 29 Marzo 2017

    It has long been accepted that this is not a literalist exercise focused solely on a parsing of the wording of the particular clause but that the court must consider the contract as a whole and, depending on the nature, formality and quality of drafting of the contract, give more or less weight to elements of the wider context in reaching its view as to that objective meaning.

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Legislation
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Books & Journal Articles
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Law Firm Commentaries
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Forms
  • Chapter BIM56880
    • HMRC Guidance manuals
    • Formularios de Derecho Civil, Mercantil y Registral
    .... . . Financial transactions can involve not just the buying and selling of shares but also options, futures and contracts for differences (including swaps). These are known commercially as derivative contracts (see CFM13000 onwards). There is a difference between how we ......
  • Chapter CG54160
    • HMRC Guidance manuals
    • Formularios de Derecho Civil, Mercantil y Registral
    .... . . This guidance relates to the interaction of the CG code with the regime for derivative contracts of companies introduced by FA2002 for accounting periods beginning on or after 1 October 2002. Derivative contracts are contracts used to manage risk ......
  • Chapter CFM24420
    • HMRC Guidance manuals
    • Formularios de Derecho Civil, Mercantil y Registral
    .... . . The following guidance covers Old UK GAAP (applied before 2015) where FRS 26 was not applied. Forward contracts. Forward contracts (forwards) may be used to hedge future commitments or forecast transactions, or manage foreign exchange risk relating to:. the ......
  • Chapter LAM07020
    • HMRC Guidance manuals
    • Formularios de Derecho Civil, Mercantil y Registral
    • HM Revenue & Customs
    ......Both include accounting standards which specifically deal with insurance contracts: FRS 103 ‘Insurance Contracts’, in the case of UK GAAP, and IFRS 4 ‘Insurance Contracts’ in the case of IFRS. In general there are no major ......
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