GREAT LAKES CONSTRUCTION v. I&M BANK

GREAT LAKES CONSTRUCTION v. I&M BANK

No contract was concluded between GREAT LAKES CONSTRUCTION and I&M BANK as the offer was not accepted and mutual obligations were not agreed upon; therefore, I&M BANK incurred no liability for damages or reimbursement of the loan, and the appeal by GREAT LAKES CONSTRUCTION is without merit.

Citation
RCOMA 0095/11/CS
Parties
Appellant: GREAT LAKES CONSTRUCTION Ltd; Respondent: I&M BANK
Court
Supreme Court
Jurisdiction
Rwanda
Judgment Date
6 March 2015
Case Number
RCOMA 0095/11/CS
Procedural Posture
Commercial Contract Appeal / Supreme Court Judgment
Outcome
Appeal dismissed; cross-appeal allowed in part.
Legal Topics
Formation of Contract, Damages for Breach of Contract, Loan Agreements, Tender Process, Offer and Acceptance
Source Language
rw, en
Contract Law Commercial Law Formation of Contract Damages for Breach of Contract Loan Agreements Tender Process Offer and Acceptance

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Parties

GREAT LAKES CONSTRUCTION Ltd

Appellant

I&M BANK

Respondent

Procedural Posture

Commercial Contract Appeal / Supreme Court Judgment

Legal Issues

  1. 1 Whether I&M Bank committed a fault in the contract formation process with GREAT LAKES CONSTRUCTION warranting damages
  2. 2 Whether the loan taken by GREAT LAKES CONSTRUCTION was directly linked to the contract with I&M Bank and if the bank is liable for its repayment
  3. 3 Whether compensation for lost profits and costs is due in absence of a concluded contract

Ratio Decidendi

No contract was concluded between GREAT LAKES CONSTRUCTION and I&M BANK as the offer was not accepted and mutual obligations were not agreed upon; therefore, I&M BANK incurred no liability for damages or reimbursement of the loan, and the appeal by GREAT LAKES CONSTRUCTION is without merit.

Court Disposition

Appeal dismissed; cross-appeal allowed in part.

Orders

  • GREAT LAKES CONSTRUCTION to pay I&M BANK 500,000 Frw for legal costs and attorney fees.
  • GREAT LAKES CONSTRUCTION to pay 100,000 Frw for court costs.