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Lloyd's Law Reports

WOODHOUSE A.C. ISRAEL COCOA LTD. S.A. AND A.C. ISRAEL COCOA INC. v. NIGERIAN PRODUCE MARKETING COMPANY LTD.

[1971] 1 Lloyd's Rep. 25

COURT OF APPEAL

Before Lord Denning, M.R., Lord Justice Phillimore and Lord Justice Cairns

Estoppel - Correspondence - Principles to be applied by Court. Arbitration - Construction of document by umpire - Whether binding on Court. Sale of goods-Devaluation-Sale of cocoa by Nigerian suppliers to London traders - Payment to be made in Nigerian £-Offer by sellers to accept "payment in pounds sterling" accepted by buyers-Devaluation of £ sterling -Whether loss borne by sellers or buyers- Whether sellers estopped on correspondence.

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