ACLBDD Holdings Ltd and others v Staechelin and others

Contract – Express and implied terms. An agreement to pay a commission of $10m following the sale by the defendants of a painting by Paul Gauguin for $210m, amounted to a binding contract. Accordingly, the Chancery Division ruled that the second claimant, which offered art consultancy services, was entitled to judgment in the sum of $10m against the defendants.