22 Jun 2017
TOOL TEAM LTD v TOOL TEAM 2010 LTD [2017] NZHC 1381
- Citation
- [2017] NZHC 1381
- Court
- High Court
The ASP treated $500,000 as an estimated stock value subject to a joint stock-take and contractual adjustment; therefore no separate absolute warranty that stock was worth $500,000 existed. Defendants failed to prove on the balance of probabilities that the stock was significantly less than contracted for. Consequently the defence and counterclaims failed and the debt under the Term Loan Agreement is payable with interest and costs.