The parties disputed the effect of devaluation on a contract of sale and, in particular, on a letter of credit which was given for the price.
Held: Lord Denning MR said that: ‘The principle of waiver is simply this: If one party, by his conduct, leads another to believe that the strict right arising under the contract will not be insisted upon, intending that the other should act on that belief, and he does so act on it, then the first party will not afterwards be allowed to insist on the strict legal rights when it would be inequitable for him to do so.’
Lord Denning MR, Megan, Stephenon LJJ
[1972] 2 QB 189, [1972] EWCA Civ 12, [1972] 2 All ER 127, [1972] 1 Lloyd’s Rep 313, [1972] 2 WLR 800
Bailii
England and Wales
Cited by:
Cited – Mount v Barker Austin (a Firm) CA 18-Feb-1998
The plaintiff sought damages for professional negligence from his former solicitors in respect of their conduct of a claim on his behalf. He succeeded, but was awarded no damages because the judge had found that his action would be bound to fail. He . .
Lists of cited by and citing cases may be incomplete.
Contract
Leading Case
Updated: 02 November 2021; Ref: scu.190235