Gibson & O'Connor Ltd v Cable Price Downer Ltd - [1984] 2 NZLR 194

Contract — Option to purchase — Tender of deposit — Option stated that a deposit of 10% of the purchase price "shall be paid with the exercise of the option and payment may be made by bank cheque" - Option incorporated general conditions of sale which provided that the purchaser shall pay the deposit to the vendor on the execution of the agreement but the vendor was not entitled to cancel the contract for non-payment of the deposit without giving the purchaser three working days notice in writing of its intention to cancel — Purchaser purported to exercise option and tendered a personal cheque as payment for the deposit — Personal cheque was returned — Purchaser, within three days, sent a bank cheque — Whether option had been validly exercised.