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A Broker's Word Is Its Bond: Verbal Contract Held Binding In UBS v. Sands.

Publication: Mondaq Business Briefing
Publication Date: 16-SEP-09
Format: Online
Delivery: Immediate Online Access
Full Article Title: A Broker's Word Is Its Bond: Verbal Contract Held Binding In UBS v. Sands.(Sands Brothers and Company Ltd.)

Article Excerpt
What you think is a casual discussion about a potential transaction may very well be a binding verbal contract. It took two trials and two trips to the Ontario Court of Appeal, but in UBS v. Sands,1 Sands Brothers Canada, Ltd. ("Sands") found that out the hard way. Sands tried to back out of a sale to UBS Securities Canada Inc., ("UBS") of 100,000 shares Sands held in Bourse de Montreal Inc. ("Bourse"). Bourse was a privately held company that operated the Montreal Stock Exchange....

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