Trading in UK Law

Leading Cases
  • Esso Petroleum Company Ltd v Harper's Garage (Stourport) Ltd
    • House of Lords
    • 23 February 1967

    As the whole doctrine of restraint of trade is based on public policy its application ought to depend less on legal niceties or theoretical possibilities than on the practical effect of a restraint in hampering that freedom which it is the policy of the law to protect.

    It was the sterilising of a man's capacity for work and not its absorption that underlay the objection to restraint of trade. This is the rationale of Young v. Timmins 148 E.R. 1446 where a brass foundry was during the contract sterilised so that it could only work for a party who might choose not to absorb its output at all but to go to other foundries, with the result that the foundry was completely at the mercy of the other party and might remain idle and unsupported.

    When a contract only ties the parties during the continuance of the contract, and the negative ties are only those which are incidental and normal to the positive commercial arrangements at which the contract aims, even though those ties exclude all dealings with others, there is no restraint of trade within the meaning of the doctrine and no question of reasonableness arises.

  • Director General of Fair Trading v First National Bank Plc
    • House of Lords
    • 25 October 2001

    Openness requires that the terms should be expressed fully, clearly and legibly, containing no concealed pitfalls or traps. Fair dealing requires that a supplier should not, whether deliberately or unconsciously, take advantage of the consumer's necessity, indigence, lack of experience, unfamiliarity with the subject matter of the contract, weak bargaining position or any other factor listed in or analogous to those listed in Schedule 2 of the regulations.

    The directive made provision for a dual system of ex casu challenges and pre-emptive or collective challenges by appropriate bodies: see article 7. This system was domestically enacted in the 1994 Regulations, with the Director General of Fair Trading as the administering official to investigate and take action on complaints: see regulation 8. The 1999 Regulations extended the system of enforcement by including other bodies as qualified to undertake pre-emptive challenges.

  • Petrofina (Gt. Britain) Ltd v Martin
    • Court of Appeal
    • 17 December 1965

    A contract in restraint of trade is one in which a party (the covenanter) agrees with any other party (the covenantee) to restrict his liberty in the future to carry on trade with other persons not parties to the contract in such manner as he chooses.

  • Director General of Fair Trading v First National Bank Plc
    • Court of Appeal (Civil Division)
    • 03 February 2000

    It is trite law in England that once a judgment is obtained under a loan agreement for a principal sum and judgment is entered, the contract merges in the judgment and the principal becomes owed under the judgment and not under the contract. Parties to a contract may agree that a covenant to pay interest will not merge in any judgment for the principal sum due, and in that event interest may be charged under the contract on the principal sum due even after judgment for that sum.

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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 BKM304400
    • HMRC Guidance manuals
    • Formularios de Derecho Civil, Mercantil y Registral
    ...... Calculate of relevant profits under CTA10/S269CD Steps 5 to 7 (see BKM304300 for Steps 1 – 4) . Step 5 – Calculate relevant trading profits. If the banking company only has trading profits it takes the amount of relief available against total profits, as calculated at step 4 and ......
  • Chapter CTM05250
    • HMRC Guidance manuals
    • Formularios de Derecho Civil, Mercantil y Registral
    .... . . Most trading losses and NTLRDs arising after 1 April 2017 will benefit from the relaxation, which allows relief against total profits of the company. In addition, ......
  • Chapter CFM32045
    • HMRC Guidance manuals
    • Formularios de Derecho Civil, Mercantil y Registral
    ...... period beginning on 1 January 2016, a UK company received an overseas dividend of £200,000, with foreign tax paid of £36,000, and UK trading profits of £50,000. In the previous accounting period, it had a non-trading deficit of £300,000 to be carried forward under CTA09/S457. Although ......
  • Chapter BKM305700
    • HMRC Guidance manuals
    • Formularios de Derecho Civil, Mercantil y Registral
    ......(BKM305200). 2. Divide modified total profits into trading profits and non-trading profits (CTA10/S269ZF(3) step 3). The modified total profits found at point 1 are divided into trading profits and ......
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