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IBL Lecture 8 - Autumn 2009


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Unformatted text preview: r the first installment was paid by North Ocean, the US dollar was devalued by 10%. Hyundai demanded a 10% increase in the construction cost as compensation. North Ocean resisted stating that the contract provided for no such increase and treated Hyundai’s claim as a repudiation of the contract, although they elected not to terminate the contract. Hyundai threatened that unless the extra payment was made, it would cease construction on the ship. At the time that the dispute arose, North Ocean was negotiating a large charter party and needed the ship to be completed on time. North Ocean agreed to Hyundai’s demands and after delivery of the ship claimed back the extra. Held: The court found that there was a case to answer on the issue of economic duress that would have entitled North Ocean to set aside the contract. However, because North Ocean had waited nine months after the ship had been completed before making its claim, it found that there were no grounds to argue duress given that when the duress had actually arisen. Undue Influence Undue Undue influence can arise in...
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