Home | Cases | ANZ v Frost Holdings

 

Key information

Court
Supreme Court of Victoria (Full Court)

Issues
Agreement - Uncertainty

 

AustraliaANZ v Frost Holdings Pty Ltd

Supreme Court of Victoria (Full Court) [1989] VR 695

 

Facts

Frost submitted a proposal to ANZ which was accepted ‘in principle’ but subject to changes.  ANZ subsequently advised Frost it did not wish to proceed; Frost claimed breach of contract.  

Held

There was no agreement on essential terms.  Where a ‘relevant or critical term’ requires future agreement it is not enforceable.  It is ok to agree that part of the a contract will be settled by a third party (or by a third party arbitrator if parties cannot agree) – because all the matters between the parties have been settled. Here there was absence of agreement ‘concerning the style, size, quality and price of the proposed calendar’.

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