A warranty1 is not intended to guard against defects which are obvious to the senses2. It has been said that if a man guarantees that a horse has two eyes he is not liable if it has not, for the buyer could have an examination before he bought3; but it is otherwise if the eye had some defect which is congenital, or which could not be ascertained by an ordinary man4. Whether a defect is patent or not, or the purchaser has used ordinary care, are questions of fact. A splint may or may not cause lameness, and a
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Broadly, the doctrine of overreaching enables purchasers (which includes tenants and mortgagees) in good faith for money or money’s worth to rely solely on the legal title. In the case of registered land, this means the entries entered on the register of title, as it records ownership of the legal
This Practice Note discusses Term Loan B (TLB) facilities which frequently appear as a tranche of senior facilities in syndicated loans in leveraged financings. TLBs are an established feature in the US market and increasingly used in the European lending market for institutional investors.This
What is rescission of a contract?The remedy of rescission is available to a party whose consent, in entering into a contract, has been invalidated in some way:•the effect of rescinding a contract is to extinguish it and restore the parties to their pre-contractual positions•the main grounds of
Issue estoppel is a sub-species of the res judicata doctrine (see Practice Note: The doctrine of res judicata). In addition to the general key requirements for establishing a res judicata (see Practice Note: Key requirements to establish a res judicata), this Practice Note considers the specific
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