TFM Holdings (Pty) Ltd and Others v Specialised Vehicle Manufacturer (Pty) Ltd and Others (2022/050939)
TFM Holdings (Pty) Ltd and Others v Specialised Vehicle Manufacturer (Pty) Ltd and Others (2022/050939) [2023] ZAGPJHC 391 (28 April 2023)
The court found that the MOA was not void for vagueness. The language of the MOA, when interpreted in light of the context and purpose, indicated that the parties intended to sell all assets and liabilities necessary for the businesses to operate, except those specifically excluded. The MOA was not a mere agreement to agree in future, but a binding sale agreement. The implementation date, though ambiguously worded, was sufficiently determinable and did not render the contract void. The liquidation of TFM Industries did not extinguish the MOA, as partial performance remained possible and SVM h…
Source excerpt
- Contractual Vagueness
- Sale Of Business
- Repudiation And Cancellation
- Liquidation Effect On Contract
- Interpretation Of Contracts