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Contract – Construction. The claimant company commissioned a yacht from the first defendant company. Further agreements, including a loan, were made following the first defendant's difficulty in meeting its obligations. The claimant issued an application for summary judgment for the repayment of the loan. The judge entered summary judgment for the claimant on the construction of a clause and implied terms favourable to the defendants, but dismissed the balance of the summary judgment application. The parties appealed. The Court of Appeal, Civil Division, in dismissing the appeal, held that the judge had been correct in his construction of the clause, but that only one implied term was necessary.
Contract – Construction. The claimant company commissioned a yacht from the first defendant company. Further agreements, including a loan, were made following the first defendant's difficulty in meeting its obligations. The claimant issued an application for summary judgment for the repayment of the loan. The judge entered summary judgment for the claimant on the construction of a clause and implied terms favourable to the defendants, but dismissed the balance of the summary judgment application. The parties appealed. The Court of Appeal, Civil Division, in dismissing the appeal, held that the judge had been correct in his construction of the clause, but that only one implied term was necessary.
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