English Law Contracts and Ultra Vires
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Abstract
This article considers the legal consequences for international parties of choosing English law and jurisdiction in financial instruments or other commercial transactions where one or more parties is found not to have had the capacity or sufficient authority to make the instrument or transaction. The consequence may be that the instrument or transaction is void and that the parties must give restitution to each other of the benefits received. Where a party has suffered a market loss under the contract this may give rise to a considerable windfall because restoration to the position prior to the contract being made may cause avoidance of the loss and deny the other party its contractual entitlement to the profit due.
Keywords
- English Law
- English Jurisdiction
- ISDA
- Legal Opinions
- Ultra Vires
- Capacity
- Power
- Void
- Restitution
- Companies Act 2006
- Council Regulation EC No 44/2001
