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In any case, unless Party B is both gagging to close this poor fund, and possessed of some unnatural intelligence as to its precise internal workings, as a covenant it is literally unenforceable in any case. Here are the possible scenarios after Party A changes its investment policy: | In any case, unless Party B is both gagging to close this poor fund, and possessed of some unnatural intelligence as to its precise internal workings, as a covenant it is literally unenforceable in any case. Here are the possible scenarios after Party A changes its investment policy: | ||
#'''Party A does not tell Party B | #'''Party A does not tell Party B ''at all''. Party B is oblivious to the change''': Party A has breached its covenant, but Party B cannot know this, so is in no position to take any action. Hard cheese, Party B! | ||
#'''Party A does not tell Party B | #'''Party A does not tell Party B ''at all''. Somehow, Party B finds out anyway''': Party A has breached its contract, Party B knows this but, precisely ''because'' Party B knows about it, Party B is no worse of than had Party A told it, and cannot really suffer any loss as a result. | ||
#'''Party A does not tell Party B | #'''Party A does not tell Party B ''at first''. It will eventually, after an unreasonable delay, but hasn’t yet''': Same as 1: To paraphrase Terry, head cook at ''Fawlty Towers'', [[What the eye don’t see the chef gets away with|the eye is not seeing, so the chef is getting away with it]]. | ||
#'''Party A does not tell Party B | #'''Party A does not tell Party B ''at first''. Then, after an unreasonable delay, it does tell Party B''': Same as 2. By the time Party B finds out the contract has both been breached ''and remedied'', so it is hard to see what action lies. | ||
“Immediately” might ''look'' severe, but it has a handsome economy quite lacking from “[[as soon as reasonably practicable]]”. A [[prose stylist]] might feel forcing such an inelegance on an already ungainly contract to be an unnecessary step. But it is not a hill that many negotiators would die on. | “Immediately” might ''look'' severe, but it has a handsome economy quite lacking from “[[as soon as reasonably practicable]]”. A [[prose stylist]] might feel forcing such an inelegance on an already ungainly contract to be an unnecessary step. But it is not a hill that many negotiators would die on. | ||
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*The difference between [[practical|practi''cal'']] and [[practicable|practi''cable'']]. | *The difference between [[practical|practi''cal'']] and [[practicable|practi''cable'']]. | ||
*[[As soon as possible but in any event not later than]] | *[[As soon as possible but in any event not later than]] | ||
*[[What the eye don’t see the chef gets away with]] | |||