Socimer International Bank Ltd v Standard Bank London Ltd [2008] EWCA Civ 116

Contracting: Discretion is the better part of valour

Jason Rix examines contractual discretion and absolute contractual rights ‘Where a contract is found to include a contractual discretion, the authorities show it will be subject to an implied term that the person exercising the discretion does so honestly and in good faith, with regard to the contract.’ Freedom of contract is a common term …

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Contract: Making your mind up

Tom Whittaker weighs up the judicial scrutiny of contractual discretion ‘Historically, the court has required only that the relevant decision be made without arbitrariness, capriciousness and irrationality. More recent cases, however, suggest that the court may also require that the decision be reasonable.’ Contracts often confer obligations to make decisions, exercise discretion or form opinions …

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