17 Jul 2012
HONG JING CO LTD v. ZHUHAI KWOK YUEN INVESTMENT CO LTD
- Citation
- HONG JING CO LTD v. ZHUHAI KWOK YUEN INVESTMENT CO LTD
- Court
- Court of Appeal
- Case number
- CACV63/2011
Court of Appeal held that the MOU imposed more than a mere lock-out: defendant had an implied contractual duty to use its best or reasonable endeavours in good faith to procure agreement with BOCGI and, in the contractual context, a fiduciary-like duty arose given plaintiff's dependence and defendant's control of negotiations; Asset Proof (bank reference plus HK$50m earnest) was not a condition precedent to commence defendant's obligations; exclusivity was not extended by implication and estoppel was not established; trial judge had failed to make critical factual findings (notably on double…