8/19/2019 Undisclosed Notes

1/28Electronic copy available at: http://ssrn.com/abstract=2195467

 

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8/19/2019 Undisclosed Notes

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  5

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  7

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1  A Case harshly treated? Watteau v Fenwick re-evaluated – Kevin M. Rogers, Hertfordshire Law

Journal 2 (2) 26-29, https://uhra.herts.ac.uk/dspace/bitstream/2299/9180/1/902829.pdf

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+

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85  .KJN 0KBOUMKC

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L-  $@H@SIFE pN@CEDBF ^] &BJ EB YFBJ DG AIQED@C OIM FBE ?IS@ LBFEQILE@W

JDE? IFM BE?@Q K@F@QIH AIQEMZ

W-  $@H@SIFE 6IQI] 6IQI => GQBO XNWK@O@FE UNBE@W IC r, ?IS@ P@@F ICY@W

J?@E?@Q DE JIC BG IFM CDKFDGDLIFL@ EB $DLIQWB E?IE DE JIC LBFEQILEDFK JDE?

5&% QIE?@Q E?IF IFMBF@ @HC@- .?@ IFCJ@Q DC E?IE E?DC JIC BG CDKFDGDLIFL@-

"BE? E?@ 0BFL@AE IFW E?@ )@GDFDEDS@ )@CDKF LBFEQILEC J@Q@ GBQ I

LBHHIPBQIEDS@ AQBX@LEV DF J?DL? $DLIQWB J@Q@ EB JBQY LHBC@HM JDE? cIFW EB

EQIDFd E?@ LHD@FE E?QBNK?BNE E?@C@ W@CDKF W@S@HBAO@FE CEIK@C- 5@ IKQ@@W

EB WB E?DC cIFW AQ@AIQ@W BNQ PNWK@Ed BF E?@ PICDC E?IE DE JIC 5&%eC

A@QCBFF@HV IE 5&%eC AQ@ODC@CV J?B J@Q@ E?@ LHD@FE- 5&% J@Q@ J@HH

YFBJF EB NC IFW J@ E?BNK?E E?IE E?@ DFE@FW@W LBHHIPBQIEDBF JIC

JBQYIPH@ BF E?@ E@QOC C@E BNE DF E?@ AQBABCIH WBLNO@FECV IFW JIC HDY@HM

EB P@ JBQE?J?DH@ cDF E?@ C@FC@ E?IE E?@ AQBX@LE JIC HDY@HM EB P@ AQBGDEIPH@

EB $DLIQWB PBE? GDFIFLDIHHM IFW DF E@QOC BG IWWDFK EB $DLIQWBeC AQBGDH@ IFW

ABQEGBHDBd- +PSDBNCHM E?@ CIO@ JBNHW FBE F@L@CCIQDHM P@ E?@ LIC@ JDE? IFM

IFW @S@QM BE?@Q @FKDF@@QDFK GDQO BQ LBOAIFM-r

@-  %QKNO@FE GBQ pN@CEDBF 1B-^]

D- .?@ LBFEQILE DF E?DC LIC@ JIC BF@ J?@Q@ W@KQ@@ BG DFSBHS@O@FE JDE?

E?@ IK@FE JIC DOABQEIFE GILEBQ E?IE @RLHNW@W DFE@QS@FEDBF-

8/19/2019 Undisclosed Notes

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  13

DD- .?NCV @S@F CNPX@LE BG E?@ LBFEQILE LIF KDS@ DFWDLIEDBF IC EB J?@E?@Q

DFE@QS@FEDBF DC DFLHNW@W BQ @RLHNW@W-

;5  =KJJK G3 0MECH )BRRPS

I- 

0DEIEDBF] h^

8/19/2019 Undisclosed Notes

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  15

W-  $IEDB] ,E JIC ?@HW E?IE E?@Q@ JIC FB LBFLHNCDS@ @H@LEDBF PM E?@ AHIDFEDGG

IFW E?@Q@GBQ@ ?@ LBNHW CN@ %FWX@HV E?@ IK@FE- %FWX@H ?IW FBE P@@F HNHH@W

DFEB I GIHC@ C@FC@ BG C@LNQDEM PM E?@ AHIDFEDGG CNDFK 6-0B- ,G XNWK@O@FE ?IW

P@@F BPEIDF@W IKIDFCE E?@ W@G@FWIFE E?@F E?@ OIEE@Q JBNHW ?IS@ P@@FWDGG@Q@FE CDFL@ BF@ LIFFBE ?IS@ EJB XNWK@O@FEC DF Q@CA@LE BG E?@ CIO@

W@PE BQ LINC@ BG ILEDBF-

465  'KQHIKMCO

8/19/2019 Undisclosed Notes

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  16

D- ,E JIC LBFL@QF@W JDE? AIQEDLNHIQ LNCEBOC IOBFK 9IFL?@CE@Q

LBOODCCDBF IK@FEC c,QSDF@ a 0B S 5IECBF a 2BFC h^kkij = p")

7^7l 2@IHM IFW &BBH@MV AA-^=i`=3dV PNE E?DC WB@C FBE IAA@IQ DF E?@

XNWKO@FE BG "HILYPNQF m-DD- ,E JIC I W@LDCDBF IPBNE IF NFDW@FEDGD@W AQDFLDAIH cDF J?DL? LIC@ E?@

AQDFLDAIH DC HDIPH@ NFH@CC E?@ E?DQW AIQEM ?IC H@W E?@ AQDFLDAIH EB

P@HD@S@ E?@ W@PE ?IC P@@F AIDW PM E?@ IK@FEd IFW FBE IF

NFWDCLHBC@W AQDFLDAIH- "NE DE DC LH@IQ GQBO ?DC XNWKO@FE E?IE

"HILYPNQF m JIC W@IHDFK JDE? NFWDCLHBC@W AQDFLDAIHC-

DDD- ,F ,QSDF@ a 0B S 5IECBF a 2BFC c^kkid = p") 7^7 c2@IHM IFW

&BBH@MV AA-^=i`=3dV E?@ 0BNQE BG %AA@IH WDCEDFKNDC?@W IFW @S@F

WBNPE@W %QOCEQBFK- 0BFEQIQM EB J?IE "HILYPNQF m ILENIHHM CIDWV

"Q@EE (m DFE@QAQ@E@W E?@ W@LDCDBF FIQQBJHM] [6QBPIPHM E?@DQ

W@LDCDBF O@IFC E?DCV E?IEV J?@F E?@ C@HH@Q W@IHC JDE? E?@ IK@FE IC

CBH@ AQDFLDAIHV IFW E?@ FIENQ@ BG E?@ IK@FEgC PNCDF@CC DC CNL? E?IE

E?@ PNM@Q BNK?E EB P@HD@S@ E?IE E?@ C@HH@Q ?IC CB W@IHEV DF CNL? I

LIC@ DE JBNHW P@ NFXNCE EB IHHBJ E?@ C@HH@Q EB Q@LBS@Q GQBO E?@

AQDFLDAIH IGE@Q ?@ AIDW E?@ IK@FE-\

DS- .?@ W@LDCDBF DC JQBFK- 5?DH@ E?@ WBLEQDF@ BG E?@ NFWDCLHBC@W

AQDFLDAIH @RDCEC GBQ ANQABC@C BG LBOO@QLDIH LBFS@FD@FL@V DE DC

DOABQEIFE EB OIDFEIDF AQBE@LEDBFC GBQ E?@ E?DQW AIQEM- ,F E?@

CDENIEDBF J?@Q@ E?@ IK@FE ?IC GIDH@W EB AICC E?@ AIMO@FE EB E?@

E?DQW AIQEMV @DE?@Q E?@ AQDFLDAIH BQ E?@ E?DQW AIQEM JDHH HBC@ IFW DE

C@@OC GIDQ@CE EB AHIL@ E?@ HBCC BF E?@ AQDFLDAIH

475  ,MSIJK

8/19/2019 Undisclosed Notes

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  17

L-  "IQ@ /ILEC] .?@ ANQCN@Q CN@W E?@ NFWDCLHBC@W AQDFLDAIHV BJF@Q BG E?@ PBIE

JDE? L@QEIDF W@G@LEC- +F P@?IHG BG E?@ W@G@FWIFEV E?@ IK@FE OIW@ E?@

Q@AQ@C@FEIEDBF DF E?@ LBNQC@ BG ?DC PNCDF@CC- .?@ ILE BG IK@FE H@W E?@

ANQCN@Q EB P@HD@S@ E?IE PBIE JIC GQ@@ BG W@G@LEC- .?@ ANQCN@Q @H@LE@W EBCN@ E?@ NFWDCLHBC@W AQDFLDAIH QIE?@Q E?IF E?@ IK@FE-

W-  ,OABQEIFE CDW@ GILEC] ,F E?DC LIC@V E?@ C@LEDBF ^7c=d BG 2IH@ BG :BBWC %LE

Q@IWC IC [.?@ AQ@L@WDFK AQBSDCDBFC BG E?DC C@LEDBF IAAHM EB I CIH@ PM I

A@QCBF J?B DF E?@ LBNQC@ BG I PNCDF@CC DC ILEDFK IC IK@FE GBQ IFBE?@Q IC

E?@M IAAHM EB I CIH@ PM I AQDFLDAIH DF E?@ LBNQC@ BG I PNCDF@CCV @RL@AE

J?@Q@ E?IE BE?@Q DC FBE C@HHDFK DF E?@ LBNQC@ BG I PNCDF@CC IFW @DE?@Q E?@

PNM@Q YFBJC E?IE GILE BQ Q@ICBFIPH@ CE@AC IQ@ EIY@F EB PQDFK DE EB E?@

FBEDL@ BG E?@ PNM@Q P@GBQ@ E?@ LBFEQILE DC OIW@-\ .?@ DFE@QAQ@EIEDBF BG E?DC

HDF@ OIM P@ ODCH@IWDFK- ,E IAAIQ@FEHM IAABDFEC HDIPDHDEM EB E?@ IK@FE-

&BJ@S@QV E?@ EQN@ O@IFDFK @RAHIDF@W DF E?@ XNWKO@FE DC E?IE [E?@ GILE E?IE

FB CIH@ BG KBBWC PM AQDSIE@ DFWDSDWNIHC JIC CNPX@LE EB IFM DOAHD@W

LBFWDEDBF BG GDEF@CC @S@F J?@Q@ CNL? DFWDSDWNIHC CBHW E?QBNK? INLEDBF@@QC

BQ IK@FECV I CDENIEDBF J?DL? LBNHW LINC@ ?IQWC?DA J?@Q@ PNM@QC Q@HD@W BF

E?@ IK@FEeC Q@ANEIEDBF- 2NPC@LEDBF c=d JIC WQIGE@W PM E?@ (IJ

0BOODCCDBFC EB O@@E E?DC CDENIEDBF-\ .?NCV E?@ LHINC@ DFE@FWC EB IAABDFE

HDIPDHDEM EB E?@ AQDFLDAIH J?B W@CADE@ C@HHDFK FBE DF LBNQC@ BG PNCDF@CCV

@DE?@Q GIDHC EB DFGBQO E?@ PNM@Q BQ Q@OIDFC ?DWW@F GQBO E?@ PNM@Q CB E?IE

PNM@Q LIFFBE CB W@WNL@ ?DOC@HG-

@-  )@LDCDBF] .?@ IAA@IH PM E?@ BJF@QV D-@- E?@ NFWDCLHBC@W AQDFLDAIHV

LBFE@FWDFK E?IE E?@ IK@FE DC E?@ BF@ Q@CABFCDPH@V JIC WDCODCC@W-

G-  $IEDB] 'FWDCLHBC@W AQDFLDAIH DC ?@HW HDIPH@- .?IE DC AIQE IQKNO@FE- .?@

BE?@Q AIQE DC E?IE C@LEDBF ^7c=d JIC CA@LDGDLIHHM DFE@FW@W EB OIY@

NFWDCLHBC@W AQDFLDAIHC A@QA@EQIEDFK GQINWV DFE@FEDBFIHHM BQ BE?@QJDC@V

HDIPH@ GBQ E?@ LBFEQILE-

485  (FIIJFB G .JCEALX

I-  0DEIEDBF] h^k

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L-  "QD@G /ILEC] 6HIDFEDGGV 5IEE@INV CBHW KBBWC EB I ANP OIFIK@QV &NOPH@V

NFW@Q E?@ P@HD@G E?IE &NOPH@ JIC ILENIHHM E?@ ANP BJF@Q- 6HIDFEDGG H@IQF@W

E?IE )@G@FWIFEV /@FJDLYV JIC E?@ ILENIH BJF@Q IFW CBNK?E EB LBHH@LE GQBO

)@G@FWIFE GBQ E?@ NFAIDW PIHIFL@ BG KBBWC ANQL?IC@W PM &NOPH@-)@G@FWIFE BJF@W I ?BE@HbANP E?IE @OAHBM@W &NOPH@ EB OIFIK@ E?@

@CEIPHDC?O@FE- &NOPH@ JIC E?@ @RLHNCDS@ GIL@ BG E?@ PNCDF@CCl &NOPH@gC

FIO@ JIC BF E?@ PIQ IFW E?@ HDL@FC@ BG E?@ ANP- )@G@FWIFE @RAHDLDEHM

DFCEQNLE@W &NOPH@ FBE EB OIY@ IFM ANQL?IC@C BNECDW@ BG PBEEH@W IH@C IFW

ODF@QIH JIE@QCV PNE &NOPH@ CEDHH @FE@Q@W DFEB IF IKQ@@O@FE JDE? 6HIDFEDGG

GBQ E?@ ANQL?IC@ BG LDKIQC- 6HIDFEDGG WDCLBS@Q@W E?IE )@G@FWIFE JIC E?@

ILENIH BJF@Q IFW PQBNK?E IF ILEDBF EB LBHH@LE GQBO )@G@FWIFE-

W-  $IEDB] :@F@QIH QNH@ DC E?IE NFWDCLHBC@W AQDFLDAIH DC FBE HDIPH@ GBQ ILEC BG

IK@FE BNECDW@ E?@ INE?BQDEM KQIFE@W EB ?DO- &BJ@S@Q E?@ NFWDCLHBC@W

AQDFLDAIH JIC ?@HW HDIPH@ DF E?DC LIC@- .?NC IF NFWDCLHBC@W AQDFLDAIH LIF P@

?@HW HDIPH@ GBQ E?@ ILEDBFC BG IF IK@FE J?B DC ILEDFK JDE? IF INE?BQDEM E?IE

DC Q@ICBFIPH@ GBQ I A@QCBF DF E?@ IK@FEgC ABCDEDBF Q@KIQWH@CC BG J?@E?@Q

E?@ IK@FE ?IC E?@ ILENIH INE?BQDEM EB WB CB-

495  *NQBCNH G3 ,BHUJPP FCN aMCJH

I-  0DEIEDBF] h^k>=j *FK$ ^3 c"d

P-  /ILEC] mBF@C @OAHBM@W "NC?@HH IC E?@ OIFIK@Q BG ?DC PNCDF@CC DF (BFWBF

NFW@Q E?@ FIO@ BG [ "NC?@HH a 0B-\ mBF@C GBQPIW@ "NC?@HH GQBO WQIJDFK

IFW ILL@AEDFK PDHHC BG @RL?IFK@- "NC?@HH PQ@IL?@W E?DC AQB?DPDEDBF DF

ILL@AEDFK CBO@ PDHHC IFW mBF@C JIC CN@W NABF BF@ BG E?@O PM E?@ AHIDFEDGG-

,E JIC ?@HW E?IE mBF@C JIC HDIPH@- 1@DE?@Q E?@ AHIDFEDGG FBQ IFM AQ@SDBNC

?BHW@Q BG E?@ PDHH YF@J E?IE "NC?@HH JIC IF IK@FE BG mBF@C-

L-  $IEDB] 5?@F E?@ 6 DC NFWDCLHBC@WV IFW E?@Q@ DC GIDQ Q@AQ@C@FEIEDBF E?IE % DC

DFW@@W E?@ AQDFLDAIHV E?@F QDK?EC BG . Q@OIDF NFL?IFK@W @S@F J?@F 6

DFE@QS@F@C-

4:5  DJAOUPJS $F_HIJN [ "M3 G3 0BKFCI

I-  0DEIEDBF] h^

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L-  "ICDL /ILEC] 6QDFLDAIH ?IC ICY@W E?@ LBQF O@QL?IFE EB PNM J?@IE XBDFEHM DF

E?@ FIO@ BG AQDFLDAIH IFW E?@ O@QL?IFE IE CA@LDGD@W AQDL@- .?@ O@QL?IFE

@RL@@W@W ?DC INE?BQDEM IFW PBNK?E E?@ J?@IE IE ?DK?@Q AQDL@C DF ?DC BJF

FIO@ JDE?BNE O@FEDBFDFK E?@ AQDFLDAIH cIAA@HHIFECd- (IE@Q E?@ AQDFLDAIHQIEDGD@W E?@ W@LDCDBF PNE CNPC@UN@FEHM Q@GNC@W EB EIY@ W@HDS@QM BG E?@

J?@IE- ,E JIC ?@HW E?IE E?@ O@QL?IFE cBQ %K@FEd JIC CBH@HM Q@CABFCDPH@ GBQ

E?@ ANQL?IC@ IC E?@ AQDFLDAIH JIC NFW@Q FB H@KIH BPHDKIEDBFC EB E?@

Q@CABFW@FEC cE?@ S@FWBQV E?DQW AIQEMd- %FM ANQABQE@W QIEDGDLIEDBF PM E?@

AQDFLDAIH JIC DFSIHDW-

W-  $IEDB] % A@QCBF J?B JIC IHH@K@W EB ?IS@ DFE@FW@W EB LBFEQILE BF P@?IHG BG

I E?DQW AIQEMV PNE JDE?BNE ?DC INE?BQDEMV OIW@ I LBFEQILEV FBE AQBG@CCDFK EB

ILE BF P@?IHG BG I AQDFLDAIHV IFW DE JIC ?@HW E?IE DE JIC FBE LBOA@E@FE GBQ

E?@ E?DQW AIQEM EB QIEDGM E?@ LBFEQILEV P@LINC@ E?@ DFE@FEDBF BG E?@ IK@FE

LBNHW FBE P@ DFUNDQ@W DFEB GBQ E?@ ANQABC@ BG IHE@QDFK E?@ LBFEQILE IC

OIW@-

4;5  "MMXJ G *HXJPYS

I-  0DEIEDBF] c^kkod ^3 %AA- 0IC- 3o^V => (. >o4

P-  1BE@] .?@ LDQLNOCEIFL@C IQ@ LBFSBHNE@W IFW XNWK@O@FE DC FBE LH@IQHM

IAAHDLIPH@ EB E?DC LIC@-

L-  _@M ,W@I] $DK?EC BG . Q@OIDF NFL?IFK@W @S@F J?@F 6 DFE@QS@F@C- ,G . ?IW

QDK?E EB C@EbBGG IKIDFCE %V CIO@ QDK?E DC IAAHDLIPH@ IKIDFCE 6- .?@ WBLEQDF@V

J?DL? IHHBJC I C@EbBGG IKIDFCE IF IK@FE EB P@ @GG@LEDS@ IKIDFCE ?DC

cNFWDCLHBC@Wd AQDFLDAIHV DC PIC@W NABF *CEBAA@H- 0BFC@UN@FEHMV DE BFHM

BA@QIE@C J?@Q@ E?@ AQDFLDAIH ?IC Q@AQ@C@FE@W EB E?@ E?DQW AIQEM E?IE E?@

IK@FE DC E?@ AQDFLDAIH-

W-  "ICDL /ILEC] CNKK@CEC E?IE E?@ E?DQW AIQEM LIF BFHM LHIDO ?DC QDK?E BG C@E BGG

J?@Q@ E?@ NFWDCLHBC@W AQDFLDAIHgC LBFWNLE QIDC@C IF *CEBAA@H- .?DC

HDODEIEDBF LIF ABCCDPHM P@ Q@CEQDLE@W EB E?@ GILEC BG E?@ AIQEDLNHIQ LIC@- ,E

DFSBHS@W I GDQO BG PQBY@QC J?B CBO@EDO@C ILE@W IC IK@FEC IFW CBO@EDO@C

IC AQDFLDAIHC- ,F E?DC LIC@ E?@M CBHW LBEEBF EB E?@ E?DQW AIQEM FBE WDCLHBCDFK

E?IE E?@M J@Q@ ILEDFK IC IK@FEC- .?@ E?DQW AIQEM YF@J E?IE E?@ PQBY@QC

J@Q@ CBO@EDO@C AQDFLDAIHC IFW CBO@EDO@C IK@FECV E?BNK? DF E?DC LIC@ ?@

WDW FBE YFBJ DF J?DL? JIM E?@M J@Q@ ILEDFK- .?@ NFWDCLHBC@W AQDFLDAIH

8/19/2019 Undisclosed Notes

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CN@W GBQ E?@ ANQL?IC@ AQDL@- .?@ E?DQW AIQEM LHIDO@W I C@E BGG GBQ OBF@M

BJ@W PM E?@ PQBY@QC- .?@ LHIDO GIDH@W- .?@ &BNC@ BG (BQWC ?@HW E?IE

CDOAHM GBQ E?@ E?DQW AIQEM EB C?BJ E?IE E?@ IK@FE ?IW ILE@W IC I AQDFLDAIH

JIC FBE @FBNK?- .?@ E?DQW AIQEM IHCB ?IW EB C?BJ E?IE E?@ IK@FE JICOIW@ EB IAA@IQ IC E?@ AQDFLDAIH PM E?@ INE?BQDEM BQ Q@IH LBFWNLE BG E?@

AQDFLDAIH-

4\5  2FYMCJ G3 (APPAFQH

I-  0DEIEDBF] c^ok=d o .@QO $@A- 4>i

P-  _@M ,W@I] $DK?EC BG . Q@OIDF NFL?IFK@W @S@F J?@F 6 DFE@QS@F@C- ,G . ?IW

QDK?E EB C@EbBGG IKIDFCE %V CIO@ QDK?E DC IAAHDLIPH@ IKIDFCE 6- .?@ WBLEQDF@V

J?DL? IHHBJC I C@EbBGG IKIDFCE IF IK@FE EB P@ @GG@LEDS@ IKIDFCE ?DC

cNFWDCLHBC@Wd AQDFLDAIHV DC PIC@W NABF *CEBAA@H- 0BFC@UN@FEHMV DE BFHM

BA@QIE@C J?@Q@ E?@ AQDFLDAIH ?IC Q@AQ@C@FE@W EB E?@ E?DQW AIQEM E?IE E?@

IK@FE DC E?@ AQDFLDAIH-

L-  "ICDL /ILEC] %F IK@FEV ILEDFK GBQ IF NFWDCLHBC@W 6QDFLDAIHV CBHW W@G@FWIFE

CBO@ KBBWC- .?@ W@G@FWIFE BJ@W OBF@M EB E?@ IK@FE- 2NPC@UN@FEHMV E?@

AQDFLDAIH DFE@QS@F@W BF E?@ LBFEQILE EB CN@ E?@ W@G@FWIFE GBQ E?@ AQDL@ BG

E?@ KBBWC- .?@ W@G@FWIFE IQKN@W E?IE ?@ C?BNHW P@ IPH@ EB C@E BGG E?@ W@PE

BJ@W PM E?@ IK@FE IKIDFCE ?DC HDIPDHDEM EB E?@ AQDFLDAIH- ,E JIC ?@HW E?IE

J?@Q@ E?@ IK@FE W@HDS@QC KBBWC DF ?DC BJF FIO@V E?NC LBFL@IHDFK E?@

IK@FLMV E?@ ANQL?IC@Q LBFEILEC JDE? E?@ IK@FE IFW @FXBMC E?@ QDK?E BG C@Eb

BGG IKIDFCE E?@ IK@FE- ,G E?@ Q@IH AQDFLDAIH DFE@QS@F@C BF E?@ LBFEQILEV E?@

ANQL?IC@QgC QDK?E BG C@EbBGG BF E?@ LBFEQILE Q@OIDFC- .?@ W@G@FWIFE OIM

?IS@ ?DC C@EbBGG IKIDFCE E?@ Q@IH AQDFLDAIH-

4]5  0SHIJK G 2FCNFPP [ )MCH

I-  0DEIEDBF] h^j 0?

8/19/2019 Undisclosed Notes

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  21

EB Q@F@K@ BF E?@ LBFEQILE- )MCE@Q PQBNK?E IF ILEDBF GBQ CA@LDGDL

A@QGBQOIFL@- ,E JIC ?@HW E?IE CDH@FL@ BG E?@ IK@FE WDW FBE IOBNFE EB

ODCQ@AQ@C@FEIEDBF- .?DC JIC FBE I A@QCBFIH LBFEQILE IFW DW@FEDEM BG E?@

ANQL?IC@Q JIC DQQ@H@SIFE- &@FL@ CA@LDGDL A@QGBQOIFL@ JIC KQIFE@W DFGISBNQ BG E?@ NFWDCLHBC@W AQDFLDAIH-

W-  $@H@SIFE pNBEIEDBFC] ,F E?@ LBNQC@ BG ?DC XNWKO@FE (IJQ@FL@ m IKQ@@W

JDE? ONL? BG J?IE ?IW P@@F CIDW PM 9L0IQWD@ mV F@S@QE?@H@CCV ?@ BQW@Q@W

CA@LDGDL A@QGBQOIFL@- &@ Q@OIQY@W E?IEV qO@Q@ FBFbWDCLHBCNQ@ IC EB E?@

A@QCBF ILENIHHM @FEDEH@W EB E?@ P@F@GDE BG I LBFEQILEtWB@C FBE IOBNFE EB

ODCQ@AQ@C@FEIEDBFV @S@F E?BNK? E?@ LBFEQILEDFK AIQEM YFBJC E?IEV DG E?@

WDCLHBCNQ@ J@Q@ OIW@V E?@ BE?@Q AIQEM JBNHW FBE @FE@Q DFEB E?@ LBFEQILEg-

,E JBNHW C@@O E?IE E?@ LBNQEC GISBNQ E?DC IAAQBIL?V AIQEDLNHIQHM J?@Q@

LBOO@QLDIH AIQED@C IQ@ DFSBHS@W-

@-  $IEDB] .?@ UN@CEDBF DC GBQONHIE@W IC GBHHBJC]

D- ,C E?@ LBFEQILE SIHDWZ )B@C DE CNGG@Q GQBO W@G@LEC IQDCDFK BNE BG GQINW

BQ ODCQ@AQ@C@FEIEDBFZ ,G M@CV E?@ LBFEQILE P@LBO@C SBDW-

DD- ,C E?@ DW@FEDEM BG E?@ ANQL?IC@Q CDKFDGDLIFE EB E?@ LBFEQILEZ ,G M@C E?@

NFWDCLHBC@W AQDFLDAIH WB@C KIDF E?@ QDK?E EB CN@- ,G FBV E?@ QDK?EC

AICC BF-

6^5  =MKNMC G )IKJJI

I-  0DEIEDBF] h^k

8/19/2019 Undisclosed Notes

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  22

645  ,MBPIMC G aMCJH FCN 'CMIUJK

I-  0DEIEDBF] h^k=oj *FK$ 7l ^=o *-$- 343 c3=

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LDQLNOCEIFL@C J?@E?@Q I LBFEQILE DFSBHS@W W@H@LENC A@QCBFI@ IFW ?@FL@

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8/19/2019 Undisclosed Notes

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  24

W-  "ICDL /ILEC] "BNHEBFV IAA@IQDFK EB ILE BF ?DC BJF P@?IHGV ANQL?IC@W CBO@

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VI.  NOTES AND FURTHER READING 

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8BH-

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 ',#/- $* 

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OIYDFK- "BE? E?@ PBBYC IQ@ ISIDHIPH@ BF %OITBF-

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0+)"&'+$*2) 

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