Hypothetical evidence from witnesses as to what they would have done had they known the true position is properly discounted where it is coloured by hindsight, and the counterfactual inquiry in misleading conduct cases should be resolved primarily by reference to objective evidence of the plaintiff's conduct during negotiations. A reasonable expectation of exclusivity arising from an expression of interest process does not continue indefinitely and will expire where negotiations have continued well beyond any stipulated deadline and the parties are at loggerheads on fundamental issues.
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