Roberts and Others v Independent Publishers Ltd and Others - [1974] 1 NZLR 459

Contract — Excuses for non-performance — Frustration — Option to purchase to be satisfied by cash or shares in a specified public company — Public company converted to private company before option exercised — Test for frustration — Contract not frustrated.

Contract — Interpretation — Implied term — Must be a term necessary to give business efficacy to contract.

Contract — Interpretation — Negotiating instruments inadmissible in construing written agreement.