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Option – Option to purchase. The claimant issued proceedings seeking specific performance of an option in an agreement which entitled him to purchase a property or sell it to a third party and keep the proceeds of sale above a certain sum. The party with whom the agreement had been made was deceased and the administrators defended the claim on the ground that the agreement was invalid. The Chancery Division held that, on account of an oral pre-condition to the option, the option had not been valid, nor was the agreement valid as the provisions of s 2 of the Law Reform (Miscellaneous Provisions) Act 1989 had not been complied with. Finally, the agreement had been entered into as a result of undue influence and so it had been voidable and had, in fact, been avoided for the claimant's non-compliance with its terms.
Option – Option to purchase. The claimant issued proceedings seeking specific performance of an option in an agreement which entitled him to purchase a property or sell it to a third party and keep the proceeds of sale above a certain sum. The party with whom the agreement had been made was deceased and the administrators defended the claim on the ground that the agreement was invalid. The Chancery Division held that, on account of an oral pre-condition to the option, the option had not been valid, nor was the agreement valid as the provisions of s 2 of the Law Reform (Miscellaneous Provisions) Act 1989 had not been complied with. Finally, the agreement had been entered into as a result of undue influence and so it had been voidable and had, in fact, been avoided for the claimant's non-compliance with its terms.
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