7 Jul 2014
KYOTO TRUSTEE LTD v ANNIK NEW PLYMOUTH LTD [2014] NZHC 1572
- Citation
- [2014] NZHC 1572
- Court
- High Court
A binding contract was formed when the parties, having a prior binding heads of agreement, agreed all remaining essential terms by 2 November 2012; absence of an express 'subject to contract' provision and the parties' conduct demonstrated an intention to be bound; the loan demand by McKay did not amount to repudiation because the loan was a separate, demand‑repayable obligation of McKay (not Kyoto); the defendants repudiated by cancelling and Kyoto elected damages, for which the court awarded $1,133,500 with specified allocations and interest on the lease component.