Date: Mon, 19 Dec 2005 19:14:32

From: Adam Kramer

Subject: Snapping at an Offer

But can the snappy buyer be forced to take the share for ¥610,000 even if it doesn't want to? I think it should be for the reasons I gave, but that doesn't fit into the 'get from the deal what the other was really prepared to offer' mould.

Adam

-----Original Message-----
From: John Swan
Sent: 19 December 2005 19:02
Subject: RE: ODG: Snapping at an Offer

If we are stuck in “offer and acceptance”, I think that the only possibility is that there is no contract. On the other hand, the Canadian cases, particularly Stepps Investments, suggest that either side can have the contract enforced on the other’s terms. This solution recognizes the problem of the mistake, but permits either side to get from the deal what the other was really prepared to offer and goes some way in balancing the “equities”. In other words, if the seller, to get out the mistake that it made, has to argue that it intended to sell one share for and not the other way round, the buyer should be able to hold it to that deal.

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