Goldsborough+Mort+&+Co.+v+Quinn

D - for consideration - gave P an __option__ with regard to the purchase and lease of 2590 acres of land. The option was to last for one week. Before the expiry of that time, D repudiated the option, saying it had resulted from a mistake. P accepted the offer within the week. P sought specific performance of the sale. D claimed that the contract for sale was not complete and hence damages only were payable. HELD Griffith CJ A mere promise to leave an offer open for a period of time is not enforceable - the promise __without consideration__ is //nudum pactum.//But if there is consideration for the promise, it becomes binding. It is often said that //"an option given for value is not revocable"//. The true principle is that an option is an offer to sell upon condition - __a conditional contract__. If the promise were only not to withdraw the offer ie an __irrevocable offer__, then a breach could be compensated for in damages [thus implying that there could be no specific performance of the sale]. HELD O'Connor J The undertaking may be viewed as an agreement to sell subject to a __condition subsequent__ - the acceptance by the other in the time provided for. Withdrawal of the undertaking is a breach - the remedy for which is damages or specific performance. Alternatively it may be viewed as an option for value, in which case the correct approach is to ignore a purported withdrawal before acceptance and treat it as still open for acceptance. From either view, there is nothing to prevent the party from obtaining specific performance of the sale. HELD Isaacs J He viewed the situation in terms of two contracts, the first of which requires the vendor to keep open the offer of the second contract to sell the land. The defendant is not entitled to breach the first contract merely by offering damages. The option is irrevocable and an attempt to withdraw it will be ignored. During the period of the option an injunction could be obtained preventing the sale to another. An acceptance turns the position of optionee to that of vendee. That has been done here, so that specific performance of the original agreement is not only inappropriate but also unnecessary and impossible.