Money v Ven-Lu-Ree Ltd - [1988] 1 NZLR 685

Contract — Formation — Implied term — Parties agreed to sale of shares with price to be assessed by each party's accountant — No agreement as to how price should be fixed if accountants disagreed — Whether consideration was certain — Whether a term should be implied that any disagreement be resolved by arbitration — Whether term should be implied so as to create a contract when without the implication of a term no contract would exist.

Arbitration — Setting aside and referring back — Error of law — Umpire had implied term into a contract — Whether the implication of a term into a contract is a question of law.

Practice and procedure — Pleadings — Amendment to pleadings — Counsel not raising issue until final address to umpire in arbitration — Whether matter could be put in issue at that stage — Whether amendment to pleadings was possible after conclusion of evidence.