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Gold/Mining/Energy : Winspear Resources

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To: Rocket Red who wrote (17273)	3/31/1999 11:53:00 PM
From: .Trev	Read Replies (1) of 26850

This quotation is taken from a book entitled simply “Canadian Law” which when I got it was in it's fourth printing in 1956. I was prompted by Gord's quotation to look it up just to see if it added anything, and to my surprise it did. My reason for posting it is the little piece of history that is included, which to my mind is as important as the Law. Most of us know that our Law is based on English Law:- “For centuries under English Common Law no distinction was made between the oral and the written contract. Eventually because perjury and fraud were so often conmnected with the enforcing of old claims andvarious promises, a Law was passed known as the Statute of Frauds (1677) which required that certain contracts must be in writing if they were to be enforced by the courts. Similar provisions to those of the English Statute are in force to-dayas the Law of Canada. ........ ....... 5. Any agreementnot to be performed within one yearfrom the making thereof........” And like all texts it goes on in great detail about lots of details that I think we can safely leave to Winspear's Lawyer. The important things to me are that the requirement to have written contract was enacted 322 years ago specifically because the centuries had shown oral (i.e. word of mouth arrangements ) to be unsatisfactory to enforce, and especially when they related to long lasting contracts. Our JV agreement was originally signed in 1993, asnd while it may have been modified, the addenda will always have been done in written form, I am sure. It's hard not to feel some pity for the VP who appears to be carrying the can but Murphy sure knew what he was talking about when he said as a general statement that “People invariably rise to their level of incompetence” I believe my shares are suddenly about to be worth about 23% more tha they used to be, and that's without allowing for any “Irrational Exhuberance” Cheers to all.

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