JAS Financial Products LLP v ICAP Plc & Anor

JAS Financial Products LLP v ICAP Plc & Anor

No legally binding contract was made between ICAP and JAS on 13 May 2008; only non-binding heads of terms or an agreement in principle were reached.

Parties
Claimant: JAS Financial Products LLP; First Defendant: ICAP PLC; Second Defendant: ICAP Securities Limited
Jurisdiction
England and Wales
Judgment Date
18 March 2016
Procedural Posture
Commercial Court Claim / Judgment After Trial
Outcome
Claim dismissed; no binding contract found.
Legal Topics
Formation of Contract, Binding Agreement, Heads of Terms, Authority of Agent, Certainty of Terms
Contract Law Formation of Contract Binding Agreement Heads of Terms Authority of Agent Certainty of Terms

Case Brief

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Parties

JAS Financial Products LLP

Claimant

ICAP PLC

First Defendant

ICAP Securities Limited

Second Defendant

Procedural Posture

Commercial Court Claim / Judgment After Trial

Legal Issues

  1. 1 Whether a legally binding contract was made between ICAP and JAS on 13 May 2008
  2. 2 Whether Mr Smith had authority to conclude a legally binding agreement
  3. 3 Whether the terms were sufficiently certain for a binding contract

Ratio Decidendi

No legally binding contract was made between ICAP and JAS on 13 May 2008; only non-binding heads of terms or an agreement in principle were reached.

Court Disposition

Claim dismissed; no binding contract found.

Orders

  • JAS must repay the July 2008 invoice payment to ICAP.