Bank late payment fees are not penalties where they represent a genuine pre-estimate of loss or protect a legitimate interest of the stipulating party.
contract
On termination of a building contract, a builder may recover reasonable value of work done in restitution, subject to the contract price as a ceiling where work was performed under a valid contract.
High Court of Australia examined the principles governing rectification of written contracts for common intention and unilateral mistake in equity.
Contractual interpretation requires objective assessment of text, context and purpose simultaneously, without privileging any one element.
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