Harvela+Investments

=Harvela Investments Ltd v Royal Trust Co. of Canada (C.I.) Ltd (1985) Ch. 103; [1986] 1 AC 207,=

Facts:
A trustee of shares wanted to sell the shares. There were 2 obvious buyers being existing shareholders - A and B. A bid $2,700,000 and B bid $2,100,000 or $101,000 higher than A's bid. B's bid was accepted and A said that it did not come within the terms of the proposal therefore A had an entitlement to the shares. But was the Trustee in breach of any binding promise?

Held:
That the contract should have been awarded to the highest fixed bid. [NB This case also suggests that __a promise to accept the highest bid__ may be binding - on the basis that the promise is like that in //Carlill// which is accepted by the highest bidder. So an invitation to tender can be seen as an offer which is accepted by putting in the tender. This completes one contract - another contract may then arise if most competitive and in accordance with the specification].