Banking on Corporate: Read this carefully or else
Excerpt from "Banking on Corporate: Read this carefully or else", Neill May, Canadian Lawyer:
In its recent decision in MacQuarie Equipment Finance Ltd. v. 2326695 Ontario Ltd. (Durham Drug Store), the Ontario Court of Appeal dealt with the question of the limits of enforceability of an onerous contractual provision that was not brought to the specific attention of the counterparty at the time of contract. The issue will sound familiar to most past and present law students. In that court’s seminal decision in Tilden Rent-A-Car Co. v. Clendenning, it refused to enforce a limitation of liability provision in a car rental agreement. That contract provided insurance coverage for collisions, but in faint and illegibly small type limited the liability where the driver had consumed alcohol.