North Ocean Shipping Co v Hyundai Construction Co Ltd [1979] QB 705

A company enters into an agreement to build a ship for a specified sum in American dollars
They had to pay the amount in 5 instalments
During this time, the American currency devalues by 10%
The company building the ship refuses to continue building until they decide to pay the extra 10%
The receiving company give up and pay but later say they were under economic duress

Mocatta J: You don’t necessarily have to protest to have a claim in economic duress
You don’t have to only recover under very specific guidelines established by English cases, in Australia
Compulsion may be economic duress
Australian Courts will be very reluctant to enforce a new contract made under economic duress, even when consideration exists
However when they were free from duress, they took no action to remedy the unfairness
It appears that the owners affirmed the contract and therefore they cannot claim back the 10%