Industrial Corporation of South Africa v Mara Corporation Limited and Others (2022/035089)
Industrial Corporation of South Africa v Mara Corporation Limited and Others (2022/035089) [2024] ZAGPJHC 293 (19 March 2024)
The court held that the defendants' plea failed to disclose a valid defence because it did not allege any mistake or misrepresentation as to the terms or obligations of the Guarantee agreement. The representations relied upon by the defendants were not shown to have induced a justifiable error regarding the Guarantee itself. The Guarantee contains clear clauses excluding reliance on any representations not recorded therein. The authorities cited by the defendants, including Ocean Echo and Spenmac, were distinguishable on the facts, as those cases involved errors regarding the subject matter o…
Source excerpt
- Guarantee Agreement
- No Representations Clause
- Misrepresentation
- Consensus
- Exception To Plea