In regard to options for the purchase of land, time constraints are of the essence. An option is not a contract but an irrevocable offer that matures into a bilateral contract upon due exercise of the option during the option term
Judges:
Nourse LJ
Citations:
[1997] EWCA Civ 2419, [1998] 2 EGLR 125
Links:
Jurisdiction:
England and Wales
Citing:
Cited – Lord Ranelagh v Melton 1864
The tenants were given an option in the lease to purchase the freehold: ‘if . . the lessees . . should give three months notice . . and should at the expiration of such notice pay . .’,
Held: Time was of the essence: ‘I apprehend the rule of . .
Cited – Dibbins v Dibbins 1896
A partnership deed provided an option for a surviving partner to purchase a deceased’s partner’s share upon giving notice within three months of the death. The partner who survived was not of sound mind, but his solicitor gave timely notice, later . .
Lists of cited by and citing cases may be incomplete.
Landlord and Tenant, Contract
Updated: 09 November 2022; Ref: scu.142817