Takim and Comapny v Velji (Privy Council Appeal No. 13 of 1954)
Takim and Comapny v Velji (Privy Council Appeal No. 13 of 1954) [1955] EACA 296 (1 January 1955)
The Privy Council held that the document in question was not a broker's note or memorandum within the meaning of paragraph 41 of the First Schedule to the Stamp Decree. The document, though prepared by a broker, only became a binding contract upon the signatures of both parties and included terms outside the broker's authority, requiring acceptance by the parties themselves. Until signed, it was not an intimation by the broker of a purchase or sale. Therefore, the document was exempt from stamping under paragraph 5(1) of the Schedule, which exempts agreements relating exclusively to the sale…
Source excerpt
- Contract Enforceability
- Broker Notes
- Stamp Duty
- Sale Of Goods
- Evidence Admissibility