Re: PLC shares

On 28 Nov, 23:25, Ronald Raygun <no.s...@xxxxxxxxxxxxxxxxxxxxx> wrote:
Troy Steadman wrote:
There will be a point in every contract at which the title passes and
the contract is irrevocable. You should read Contract Law because it
is interesting:

Someone offers to sell me a valuable antique and I reply by post
accepting it. While the letter is in the post, and before it reaches
the seller, I die.

Did I buy the antique?

:)

Interesting indeed.

It would depend on how contract law defines acceptance. Is it
*declaring* acceptance, or is it making the offeror aware of the
acceptance?

My intuition tells me (but it as let me down before) that it is
the former. So I would say yes, you did buy it, because you
accepted the offer before you died. The fact that the seller
doesn't yet know you accepted it until the letter reaches him is
neither here nor there.

Suppose instead of dying, you just changed your mind. If you
wrote another letter, withdrawing your acceptance, and posted it,
it would probably reach the seller after your acceptance letter.
It would presumably be ineffective. You could try to contact
the seller by a quicker means than post, to tell him please to
disregard the acceptance he is about to receive. But that would
be no more than request, and I expect that the seller (if he were
desperate enough not to lose the sale) could refuse the request
and insist that the written acceptance should stand.

Yes, interesting. What's the official answer?

I can't find the actual case I was thinking of, where the acceptor
actually *did* die, but you are right and the contract was sealed when
the acceptance was posted into a pillar-box.

This is your case:

http://en.wikipedia.org/wiki/Henthorn_v._Fraser

This seems to be a good brief summary of contract law with plenty of
cases to Google:

http://www.cwgsy.net/private%2Fsljohn/Contract.html

.

Relevant Pages

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