LONDON & NORTHERN TRADING COMPANY, LTD. v. ARCOS, LTD.

(1931) 41 Ll L Rep 150

KING'S BENCH DIVISION.

Before Mr. Justice Bateson (sitting as an additional Judge).

Contract - Breach - Claim under agreement in settlement of disputes arising out of contracts for the sale of sleepers by defendants to plaintiffs - Plaintiffs to receive from defendants an allowance of £85,000 - "On account of the above-mentioned £85,000, [defendants] hand over to [plaintiffs] in London . . . acceptances . . . for the sum of £70,000 payable in London . . . The remaining £15,000 are to be deducted at one shilling per sleeper at the payment of the last 300,000 . . ."-Plaintiffs to give defendants deposit acceptances for £75,000 as security for payment for the goods-Acceptances to be exchanged by Aug. 7 - Failure of defendants to hand over acceptances on due date - Measure of damages - Market price less than contract price - Meaning of "allowance"-