Case summary:
Company T and state government F entered into annual contracts governing the salvage of ship A. Ship A sank in 1622 carrying a treasure of over $250 million. Both parties assumed that ship A lying on seabed under the land owned by state F. In right to salvage the lands, company T made a contract to give 25% of the items recovered in salvage to state F and delivered the artefacts as per contract. At last, court ruled that the sea bed over which ship A is resting is never owned by state F. Company T sued to annul the contract and recovered the artefacts it delivered to state F.
To discuss: Should company T prevail.
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