Oakbank Oil Co v Crum (1882) 8 App. Cas 65 HL
Citation:Oakbank Oil Co v Crum (1882) 8 App. Cas 65 HL
Rule of thumb:If someone does not read or does not understand a term of a contract are they still bound by it? Yes, they are.
Judgment:
A party must read the terms of a contract carefully because they are bound by all the terms in it which are not in breach of public policy, and this is particularly so when it comes to companies and associations,
Ratio-decidendi:
‘Each party must be taken to have made himself acquainted with the terms of the written contract contained in the articles of association…He must also in law be taken to have understood the terms of the contract according to their proper meaning, and that being so he must take the consequences whatever they may be of contract which he has made’, Lord Selborn
Warning: This is not professional legal advice. This is not professional legal education advice. Please obtain professional guidance before embarking on any legal course of action. This is just an interpretation of a Judgment by persons of legal insight & varying levels of legal specialism, experience & expertise. Please read the Judgment yourself and form your own interpretation of it with professional assistance.