B2C2 LTD v QUOINE PTE. LTD. [2017] SGHC(I) 11 (27 December 2017)

B2C2 LTD v QUOINE PTE. LTD. [2017] SGHC(I) 11 (27 December 2017)

Plaintiff established a prima facie case for breach of contract based on the irreversibility clause, but Defendant raised sufficiently arguable defences regarding incorporation of the Risk Disclosure Statement and unilateral mistake at common law. The scope and effect of the Risk Disclosure Statement and Plaintiff's knowledge of the mistake require factual investigation at trial. Summary judgment is inappropriate where these defences merit full argument.

Citation
[2017] SGHC(I) 11
Parties
Plaintiff: B2C2 Ltd; Defendant: Quoine Pte Ltd
Jurisdiction
Singapore
Judgment Date
27 December 2017
Procedural Posture
Civil Suit / Summary Judgment Application
Outcome
Application for summary judgment dismissed
Legal Topics
Breach of Contract, Breach of Trust, Summary Judgment, Unilateral Mistake, Contractual Interpretation, Incorporation of Terms, Virtual Currency Trading, System Error Liability
Contract Law Trust Law Commercial Law Technology Law Breach of Contract Breach of Trust Summary Judgment Unilateral Mistake +4 more

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Parties

B2C2 Ltd

Plaintiff

Quoine Pte Ltd

Defendant

Procedural Posture

Civil Suit / Summary Judgment Application

Legal Issues

  1. 1 Whether reversal of trades constituted breach of contract under the platform agreement
  2. 2 Whether assets held by defendant constituted breach of trust
  3. 3 Whether defendant could rely on Risk Disclosure Statement to reverse trades

Ratio Decidendi

Plaintiff established a prima facie case for breach of contract based on the irreversibility clause, but Defendant raised sufficiently arguable defences regarding incorporation of the Risk Disclosure Statement and unilateral mistake at common law. The scope and effect of the Risk Disclosure Statement and Plaintiff's knowledge of the mistake require factual investigation at trial. Summary judgment is inappropriate where these defences merit full argument.

Court Disposition

Application for summary judgment dismissed

Orders

  • Plaintiff's application for summary judgment is dismissed
  • Matter to proceed to trial for full investigation of defences