21 Feb 2012
ATRIUM MANAGEMENT LIMITED V QUAYSIDE TRUSTEE LIMITED (IN RECEIVERSHIP AND IN LIQUIDATION) COA CA316/2011
- Citation
- COA CA316/2011
- Court
- Court of Appeal
Clause 3 of the October agreement, obliging Quayside to deliver an executed management agreement containing the exclusive holiday letting rights, was objectively essential to Atrium; Quayside admitted it could not perform that essential obligation because parts of the draft management agreement were ultra vires; therefore Atrium was entitled to cancel for anticipatory breach and summary judgment was appropriate for repayment of deposits. Frustration did not apply because Russell was an interpretation of existing law, and severance could not preserve the core exclusivity right without changing…