(From the Court of Appeal of the Cayman Islands) ‘When one person gives another (the option holder) a conditional option to buy her land, the option holder will be entitled to exercise the option when the conditions for exercising it are fulfilled by following any procedural requirements set by the terms of the option. A new contract then arises between the parties and their relationship changes from one of option giver and option holder to one of vendor and purchaser. This appeal concerns the consequences for their relationship, in the context of proceedings for specific performance, if the option holder delays in exercising her option rights or in enforcing her rights under that new contract to which exercise of the option has given rise. ‘
Judges:
Lord Reed, Lord Carnwath, Lady Black, Lady Arden, Lord Kitchin
Citations:
[2019] UKPC 14
Links:
Jurisdiction:
Commonwealth
Contract, Land, Equity
Updated: 06 July 2022; Ref: scu.638472