Court Findings
As to the first issue, having regard to the nature of the wording of P’s telegraphic inquiry and the volatility of the iron market, the communication cannot be regarded as a counter-offer but a mere inquiry to which the defendant should have responded. The circumstances can be distinguished from Hyde v Wrench 3 Beav. 334 where there was a clear counter-offer .
As to the second and third issues the argument advanced by D misrepresents the proposition for which Cooke v Oxley stands. The correct principle is that a unilateral promise to hold open an offer is not binding upon the person who made it and can be revoked prior to its acceptance. However, a revocation has no effect until it is actually communicated to the person to whom the original offer was made . As P had not received D’s telegram of warrants sold which would have the effect of revoking the original offer, the original offer stood and P’s subsequent acceptance of it resulted in a contract.
Read more about this topic: Stevenson, Jacques & Co V Mc Lean
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