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

(1932) 42 Ll L Rep 265

COURT OF APPEAL.

Before Lord Justice Scrutton, Lord Justice Lawrence and Lord Justice Greer.

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 simultaneously-"No dispute relating to the fulfilment of the contract in the year 1931 shall give the right to either side to discontinue the execution of the contract"-Failure of defendants to hand over acceptances on due date- Consequent refusal by plaintiffs to declare destinations and to take up and pay for shipping documents and goods tendered-Counterclaim by defendants for damages-Delivery of acceptances by defendants as condition precedent- Election by plaintiffs to treat contract as subsisting-Waiver