“…One of the earlier cases, Paragon Finance plc v Nash [2001] EWCA Civ 1466, [2002] 1 WLR 685, related to a lender’s contractual power to set the interest rate applicable to a mortgage. Dyson LJ, with whom Thorpe LJ and Astill J agreed, rejected a submi…”
“…, 404, per Leggatt LJ; Gan Insurance Co Ltd v Tai Ping Insurance Co Ltd (No 2) [2001] 2 All ER (Comm) 299, para 67, per Mance LJ and Paragon Finance plc v Nash [2002] 1 WLR 685, paras 39–41, per Dyson LJ. This will normally mean that it must be exercised consistently with its contractual purpose: Ludgate Insurance Co Ltd v Citibank NA…”