Barrett v IBC International Ltd - [1995] 3 NZLR 170

Contract — Options — Agreement concerning sale and purchase of land — Agreement containing option provision — Agreement providing for date of settlement "to be mutually agreed upon exercise of option" — Purported exercise of option — No agreement as to settlement date — Whether agreement constituted binding contract — Whether implied term for determining reasonable time for settlement.

Property law — Caveat — Agreement providing for "date of settlement" on exercise of option — Purported exercise of option — No agreement as to settlement date at time of exercise of option — Whether agreement constituted binding contract for sale and purchase of land — Whether agreement supported continuation of caveat by purported purchaser — Land Transfer Act 1952, s 145.