2 Apr 2004
SHANGHAI TONGJI SCIENCE & TECHNOLOGY INDUSTRIAL CO LTD v. CASIL CLEARING LTD
- Citation
- SHANGHAI TONGJI SCIENCE & TECHNOLOGY INDUSTRIAL CO LTD v. CASIL CLEARING LTD
- Court
- Court of Final Appeal
- Case number
- FACV13/2003
The appeal is dismissed because the conduct surrounding the L/C and negotiation of documents was not unequivocally referable only to an underlying sale contract between Tongji and Casil and was consistent with alternative financing and entrustment arrangements; moreover the subjective qualification applies since evidence established Casil never intended to be seller to Tongji and Tongji knew or acted on that footing; restitution fails because there was no total failure of consideration as Casil rendered performance by tendering conforming documents and received the L/C proceeds, and the unple…