Economic duress Flashcards
what is the definition of economic duress
the threat to damage a business or person financially
Atlas Express V Kafco
economic duress was established as the agreement was inducded by illegit,ate demands/pressure of great magntidue
what does economic duress not normally cover
-threat towards property
-except in severe circumstances
what is the first thing economic duress requires
compulsion or lack of practical choice for the victim
- practical effect must be that is compulsion , lack of choice for victim
Universe Tankships v International transport workers federation the universal sentinel
several demands made in relation to pay and conditions as well as the ship owners pay a large sum of money to welfare fund amounted to consumption
second thing economic duress requires
-illegiamate duress
-commercial pressure is not enough to amount, numbers of factors to consider
Pau on v lau yiu long
four factors to consider
-protest about pressure
-was their this other available course
-independently advised
-did he take steps to make contract void
third thing required that actions are unlawful
-duress was not available when the action threatened was awful
CTN + carry v gallager
threat to withdraw the credit facility was a lawful threat so there was no economic duress
fourth thing required for economic duress
-pressure could be illegitimate even when lawful
- illegitimate pressure can be constituted by conduct which is not lawful , although it will be an unsual case where that is so
Progress Bulk carriers LTd v tube city
charters had no other way to ship goods , faced catastrophic losses if they delayed longer . Agreement was to waive all claims against them , breach from economic duress
Atlantic baron
delay defeats equity- voiable for duress , since claimant had left it too long , lost right to resind
