Question: TERMS IMPLIED IN FACT: IMPLICATION v INTERPRETATION Implication v interpretation (Attorney-General of Belize v Belize Telecom [2009] UKPC 10): tests not cumulative/alternative but have one

TERMS IMPLIED IN FACT: IMPLICATION v INTERPRETATION Implication v interpretation (Attorney-General of Belize v Belize Telecom [2009] UKPC 10): tests not cumulative/alternative but have one aim "reasonableness" as test for implication Marks & Spencer v BNP Paribas Securities [2015] UKSC 72: re-asserted business efficacy test kept implication distinct from interpretation clarified relationship between business efficacy and officious bystander tests

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