King Crude Carriers SA & Ors v Ridgebury November LLC & Ors [2024] EWCA Civ 719 (27 June 2024)- (Popplewell LJ, Nugee LJ, Folk LJ)

Under MOAs for the sale of tankers, Buyers failed to place 10% deposits in escrow as required; Sellers terminated the MOAs.  Buyers contended that Sellers’ claims were restricted to prove damages (rather than the fixed deposits), relying on a long-standing principle that a condition precedent (here lodging deposits), if unfulfilled, is dispensed with in calculating damages.  Allowing Sellers’ appeal, the CA ruled that the principle was one of construction not law and was unavailable to a party failing, in breach, to fulfil the condition precedent. Buyers could not benefit from their own wrong by thwarting the accrual of the deposits.