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acceptance agreed agreement Appeal English applied arbitration arises assignment awarded benefit breach of contract buyer cause of action Charterer chose in action claim collateral warranties common law consideration Corporation Court of Appeal covenant creditor damages debt debtor Defendant's discharge doctrine duress duty effect enforce entitled equity estoppel exemption clause fact ground Held HKLR Hong Kong House of Lords Ibid illegal Illustration Plaintiff injunction innocent party intention judgment lease liability Lloyd's Rep Lord Denning Lord Diplock Lord Wilberforce loss ment misrepresentation mistake negligence obligation offer offeror Ordinance Cap Owners payment person Plaintiff Plaintiff sued principle promise promisor promissory estoppel proper law purchase Railway reasonable remedy representation rescission rule seller Shipping specific performance statute third party tion tort trade transaction Treitel ultra vires Unrep HCA vendor vessel