VIS Trading Co Ltd v Nazarov & Anor [2014] EWCA Civ 313 (20 March 2014)

VIS Trading Co Ltd v Nazarov & Anor [2014] EWCA Civ 313 (20 March 2014)

The Court held that the letter of 24 April 2009 constituted a valid offer by Ansol to VIS to repay the outstanding loans according to the specified schedule, and that VIS's forbearance in not demanding immediate payment or enforcing the debt amounted to acceptance under Russian law, thereby creating a binding contract.

Citation
[2014] EWCA Civ 313
Parties
Claimant/respondent: VIS Trading Co. Ltd; Defendant/appellant: Avaz Saidovich Nazarov; Defendant/appellant: Ansol Limited
Jurisdiction
England and Wales
Judgment Date
20 March 2014
Procedural Posture
Civil Appeal / Court of Appeal Judgment on Appeal From High Court
Outcome
Appeal dismissed
Legal Topics
Formation of Contract, Offer and Acceptance, Interpretation of Contracts, Russian Law, Loan Agreements, Forbearance as Acceptance
Contract Law Private International Law Formation of Contract Offer and Acceptance Interpretation of Contracts Russian Law Loan Agreements Forbearance as Acceptance

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Parties

VIS Trading Co. Ltd

Claimant/respondent

Avaz Saidovich Nazarov

Defendant/appellant

Ansol Limited

Defendant/appellant

Procedural Posture

Civil Appeal / Court of Appeal Judgment on Appeal From High Court

Legal Issues

  1. 1 Whether a contract existed between VIS and Ansol based on the 24 April 2009 letter under Russian law
  2. 2 Whether the letter constituted a valid offer and acceptance under Russian Civil Code
  3. 3 Whether forbearance can amount to acceptance under Russian law

Ratio Decidendi

The Court held that the letter of 24 April 2009 constituted a valid offer by Ansol to VIS to repay the outstanding loans according to the specified schedule, and that VIS's forbearance in not demanding immediate payment or enforcing the debt amounted to acceptance under Russian law, thereby creating a binding contract.

Court Disposition

Appeal dismissed

Orders

  • The appeal by Ansol is dismissed; the judgment of the High Court is upheld.