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Contracts Keyed to Summers
B2C2 Ltd. v. Quoine Pte Ltd.
Citation:Singapore International Commercial Court Suit 7
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- The Brief Prologue provides necessary case brief introductory information and includes:
- Topic: Identifies the topic of law and where this case fits within your course outline.
- Parties: Identifies the cast of characters involved in the case.
- Procedural Posture & History: Shares the case history with how lower courts have ruled on the matter.
- Case Key Terms, Acts, Doctrines, etc.: A case specific Legal Term Dictionary.
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- The Case Brief is the complete case summarized and authored in the traditional Law School I.R.A.C. format. The Pro case brief includes:
- Brief Facts: A Synopsis of the Facts of the case.
- Rule of Law: Identifies the Legal Principle the Court used in deciding the case.
- Facts: What are the factual circumstances that gave rise to the civil or criminal case? What is the relationship of the Parties that are involved in the case. Review the Facts of this case here:
Quoine Pte Ltd. (“Quoine”) (defendant) operated a centralized currency exchange platform that enabled the trading of cryptocurrencies. Quoine had a program in place that received other trading platforms’ prices to ensure that its trades were consistent with those prices. One day, Quoine’s program temporarily failed, causing Quoine’s prices to be out of sync with the global market. As a result of this failure, Quoine used a program that required the sale of assets held by traders on its platforms. B2C2 Ltd. (“B2C2”) (plaintiff) had developed an algorithm designed by its programmer Maxime Boonen that was designed to profit off inefficiencies in the cryptocurrency-trading market. B2C2 offered to fill seven orders on Quoine’s platform. The orders were at a much higher price than what was available on the global market. In doing so, B2C2 received a profit of several million dollars on the orders from cryptocurrency traders. But the next day, Quoine reversed the trades in its order book. B2C2 sued Quoine for breach of contract. Quoine asserted the defense of unilateral mistake, alleging that the parties would have never gone through with the transaction had it happened in face-to-face negotiations. Thus, the programs—which Quoine argued operated as the parties’ “agents”—failed to capture the parties “real intent.”
- Issue(s): Lists the Questions of Law that are raised by the Facts of the case.
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- Reasoning and Analysis: Identifies the chain of argument(s) which led the judges to rule as they did.
- The Brief Prologue closes the case brief with important forward-looking discussion and includes:
- Policy: Identifies the Policy if any that has been established by the case.
- Court Direction: Shares where the Court went from here for this case.