UGS Finance Ltd v National Mortgage Bank of Greece (1964) 1 Lloyd’s Rep 446
Prior to 1964, the common law considered that a fundamental breach could not be excluded or restricted in any circumstances as this would amount to giving with one hand and taking with the other. This became elevated to a rule of law.
The rule of law approach was rejected in this case on the basis that it conflicted with freedom of contract and the intention of the parties. The question of whether a clause could exclude liability for a fundamental breach was held to be a question of construction.
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