A party seeking to raise a new argument on appeal must demonstrate that the point could not possibly have been met by evidence at trial. Where the new argument raises a question of contractual construction, evidence of objective background facts known to the parties (including the value of the subject matter and the commercial context of the transaction) is admissible and could have been led at trial, defeating the threshold requirement for raising the new point on appeal.
The full text is available to signed-in members, including the 19 later cases that cite this judgment.