Contract – Construction. The claimant appealed against the judge's finding that it had been in breach of a settlement agreement by failing to supply the defendant with pre-contractual documentation for the purchase of a plot. It contended that the requirement to 'exchange contracts' meant only the supply of signed documents. The Court of Appeal, Civil Division, in dismissing the appeal, held that 'exchange contracts' had included normal pre-contractual conveyancing procedures. Accordingly, the claimant's failure to provide those documents in correct terms had constituted a breach of the settlement agreement.