Sharp v Cossack Pearls Pty Ltd [2012] FCAFC 110

FEDERAL COURT OF AUSTRALIA

Sharp v Cossack Pearls Pty Ltd [2012] FCAFC 110 Citation: Sharp v Cossack Pearls Pty Ltd [2012] FCAFC 110

Appeal from: Sharp v Cossack Pearls Pty Ltd [2011] FCA 1477

Parties: COLIN ANDREW SHARP and COLIN ANDREW SHARP ATF THE SHARP FAMILY TRUST v COSSACK PEARLS PTY LTD ACN 009 212 015, DAMPIER PEARLING COMPANY ACN 061 740 145, LINDSAY KEVIN BRADY and PAUL JOHN THOMAS

File number: WAD 5 of 2012

Judges: EMMETT, BENNETT AND MCKERRACHER JJ

Date of judgment: 16 August 2012

Catchwords: CONTRACTS – whether breach of contract by the holder of a Pearl License in allocating quota to a third party and refusing to supply its contactor with tags caused contractor's loss – whether pearling agreement was validly terminated CONTRACTS – interpretation of pearling agreement – whether the agreement required the holder of a Pearling License to provide a contractor with all the tags necessary for the contractor to reach the agreed contractual quota at the commencement of each pearling season – consideration of pearling agreement as a whole, its objectively determined commercial purpose, and the context and market in which parties were operating – relevance of post-contractual conduct TRADE PRACTICES – loan agreement for the purchase and refitting of a pearling vessel – misleading and deceptive conduct – whether a representation was made that the lender would provide the borrower with extra turning and transport work until it was in a position to repay the loan – whether contractor was induced to enter into pearling agreement by an omission that it could not continue to derive income from the agreement