It is rare for a contract to be found to lack consideration. However, in a recent jurisdiction challenge, the High Court held that there was no good arguable case that a security letter was supported by consideration. Denning lent USD 1 million to Arcem under a loan agreement, with repayment obligations guaranteed by Main. The loan agreement was governed by English law but did not contain a jurisdiction clause. Following non-repayment by the borrower of the loan, Denning served proceedings on Arcem and Main abroad … (more)
[A&O Shearman, 8 October 2026]
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