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T wo Co urt o f Appe a l c a se s Pe e ka y I nte rma rk v - - PowerPoint PPT Presentation
T wo Co urt o f Appe a l c a se s Pe e ka y I nte rma rk v - - PowerPoint PPT Presentation
T wo Co urt o f Appe a l c a se s Pe e ka y I nte rma rk v Austra lia & Ne w Ze a la nd Ba nking Gro up in 2006 Spring we ll Na vig a tio n v JP Mo rg a n Cha se Ba nk in 2010 So me c o mme nta to rs ha ve de sc rib e d
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So me c o mme nta to rs ha ve de sc rib e d
the c o nc e pt a s unso und
Philo so phy o f “do c ume nta ry
funda me nta lism”
“A myth”
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I
nve sto r a nd b a nk e nte r into fina nc ia l tra nsa c tio n
Ba nk inse rts pro visio ns tha t minimise its
po te ntia l lia b ility
I
nve sto r is pre c lude d b y e sto ppe l fro m de nying the pro visio ns
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T
hre e c o mmo n c la use s
No re spo nsib ility c la use s e g no
a dviso ry duty
No re pre se nta tio n a nd no re lia nc e
c la use s
E
ntire a g re e me nt c la use s
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F
re e do m o f c o ntra c t
Ce rta inty a nd fina lity No t ta king a dva nta g e o f wro ng
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L
a c k o f c a pa c ity to e nte r into tra nsa c tio ns
But c la use in fra me wo rk a g re e me nt
g a ve rise to c o ntra c tua l e sto ppe l
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Wo rding o f the c la use s limits the ir
- pe ra tio n a s to
› Sc o pe , › T ime , a nd › Purpo se
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De c isio n o f Andre w Smith J Wo rding limite d to da te o f a c q uisitio n
whe re a s a lle g a tio n o f ne g lig e nc e la te r
Wo rding limite d to spe c ific purpo se
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E
ntire Ag re e me nt c la use did no t impa c t o n c la ims fo r misre pre se nta tio n
No re lia nc e c la use o nly re la te d to
inve stme nt a dvic e , no t o the r re pre se nta tio ns
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Pub lic po lic y a nd sta tute Will no t b a r a fra ud c la im I
mpa c t o f UCT A 1977 a nd Misre pre se nta tio n Ac t 1967
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T
wo diffic ultie s with UCT A
I
f c la use de fine s b a sis o f re la tio nship the n o utside UCT A
I
f c la use re a so na b le the n sa tisfie s UCT A
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F
ine line b e twe e n b a sis c la use s a nd e xc lusio n c la use s
Do e s c la use re write histo ry o r pa rt
c o mpa ny with re a lity?
Ra iffe se n v RBS T
ho rnb ridg e v Ba rc la ys Ba nk
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I
mplic a tio ns fo r o the r c o ntra c tua l c o nte xts a nd wide ra ng e o f c la use s
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Re stric tive c o ve na nt in e mplo yme nt
c o ntra c t
Arg ua b le tha t pub lic po lic y re stric te d
pa rtie s’ fre e do m o f c o ntra c t
T
he re fo re no summa ry judg me nt
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De c la ra tio n tha t mo ne y b o rro we d fo r
b usine ss o f b o rro we r suc h tha t lo a n po te ntia lly unre g ula te d
E
sto ppe l a rg ume nt b a se d o n de c la ra tio n fa ile d b e c a use c o uld no t c o ntra c t o ut o f pro te c tio ns o f the Co nsume r Cre dit Ac t
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