Lloyd's Law Reports

Professor Robert Merkin KC; Dr Johanna Hjalmarsson

Document

SEPOONG ENGINEERING CONSTRUCTION CO. LTD. v. FORMULA ONE MANAGEMENT LTD. (formerly FORMULA ONE ADMINISTRATION LTD.)

[2000] 1 Lloyd's Rep. 602

QUEEN’S BENCH DIVISION(COMMERCIAL COURT)

Before Mr. Justice Longmore

Contract - Variation - Letter of credit - Agreement to stage Grand Prix in Korea - Defendant undertook not to grant right to anyone other than claimant to stage Grand Prix in Korea - Obvious that Grand Prix would not be staged - Whether defendants varied contract by promising to revoke letter of credit or not to enforce it.

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