Foreign exchange: Difference between revisions
Amwelladmin (talk | contribs) Created page with "Foreign exchange - the conversion of one currency into another - is often conveniently, even a little wittily - referred to as "FX". It is a subject which prompts whoops of ex..." |
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Some fun little facts: | Some fun little facts: | ||
==== | ====FX and breaches of contract==== | ||
There was an ubroken golden stream of authority, dating back 200 years, that an English court would award you damages in sterling, and that was that. This thread was broken in the celebrated case of {{casenote|Miliangos|George Frank (Textiles) Limited|1976|AC|443}} | There was an ubroken golden stream of authority, dating back 200 years, that an English court would award you damages in sterling, and that was that. This thread was broken in the celebrated case of {{casenote|Miliangos|George Frank (Textiles) Limited|1976|AC|443}} wherein the House of Lords decided it could award damages in [[Swiss Francs]]. | ||
In other news, whether you can claim FX losses for {{tag|breach of contract}} weas considered, in {{casenote|President of India|Lips Maritime Corp}} (fondly known to all as "the Lips") to be a matter for ordinary [[remoteness of damage]] principles. Which is why you will see draftspeople at pains to specifically include "FX conversion losses" as part of the measuire of loss in a contract: if plainly contemplated by the parties, you should have no trouble making out your claim in damages. | |||
Revision as of 10:03, 30 April 2015
Foreign exchange - the conversion of one currency into another - is often conveniently, even a little wittily - referred to as "FX". It is a subject which prompts whoops of excitement from some people and howls of anguish from others.
Some fun little facts:
FX and breaches of contract
There was an ubroken golden stream of authority, dating back 200 years, that an English court would award you damages in sterling, and that was that. This thread was broken in the celebrated case of Miliangos v George Frank (Textiles) Limited wherein the House of Lords decided it could award damages in Swiss Francs.
In other news, whether you can claim FX losses for breach of contract weas considered, in President of India v Lips Maritime Corp (fondly known to all as "the Lips") to be a matter for ordinary remoteness of damage principles. Which is why you will see draftspeople at pains to specifically include "FX conversion losses" as part of the measuire of loss in a contract: if plainly contemplated by the parties, you should have no trouble making out your claim in damages.