28 Jun 2019
AAM LTD v EXOTICA ENTERPRISE LTD [2019] NZHC 1482
- Citation
- [2019] NZHC 1482
- Court
- High Court
The written sale agreement and MOU governed the scope of the sale: only the retail shop business (New From Zealand) and specified distribution rights were transferred; Exotica breached the turnover warranty (warranted turnover included export/wholesale receipts not sold) and the shortfall (40–49%) substantially reduced the contract's benefit entitling AAM to cancel (did not affirm the contract); damages for that breach were assessed as $25,000 (overpayment attributable to overstated turnover/stock allocation); most pre-contractual misrepresentation allegations failed for want of proof or rele…