| "As yet there is no comprehensive codification of family law or the law of succession or the law of contract or the law of tort. For this purpose England still prefers special statutes which deal with particular questions, such as the law of matrimonial property, intestate succession, adoption, illegitimacy, administration of estates, or credit transactions, and even these statutes can be understood only against the background of the unwritten Common Law, for they use the concepts and categories and invariably presuppose the rights and doctrines which have been developed by the courts." (italics added) |
British and Commonwealth Holdings plc v Quadrex Holdings Inc, Court of Appeal, Civil Division
The
case involved a contract or contracts for the sale of shares in a
private company for £280m plus other consideration. There was
uncertainty as to when the transaction had to be completed and one
party (A) sought to fix a completion date by serving notice to make
"time of the essence" under Common Law (and Equity), usually only
applicable when the other party (B) is guilty of delay. The Court had
to decide whether, in the circumstances of this case, that notice
should be upheld, entitling A to treat the contract as rescinded.