Investec Ltd. v Zulman & Anor

Investec Ltd. v Zulman & Anor

No binding agreement existed on 1 February 2007 as parties intended to be bound only upon execution of a written contract; costs of the appeal to be paid by appellant as the pleading issue was intertwined with the main issue.

Parties
Appellant: Investec Limited; Respondents: Zulman & Anr
Jurisdiction
England and Wales
Judgment Date
18 May 2010
Procedural Posture
Civil Appeal / Judgment
Outcome
appeal dismissed
Legal Topics
Contract Formation, Costs in Litigation, Pleadings
Commercial Law Contract Formation Costs in Litigation Pleadings

Case Brief

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Parties

Investec Limited

Appellant

Zulman & Anr

Respondents

Procedural Posture

Civil Appeal / Judgment

Legal Issues

  1. 1 whether an agreement was made on 1 February 2007
  2. 2 whether parties intended to be bound before written contract
  3. 3 costs allocation for pleading issue

Ratio Decidendi

No binding agreement existed on 1 February 2007 as parties intended to be bound only upon execution of a written contract; costs of the appeal to be paid by appellant as the pleading issue was intertwined with the main issue.

Court Disposition

appeal dismissed

Orders

  • appeal dismissed
  • respondent solicitors released from undertaking and restrictions on ₤80,000 and any interest earned