Mitsui & Co. (Canada) Ltd. v. Royal Bank of Canada, [1995] 2 SCR 187 -- summary under Subsection 49(1)

By services, 28 November, 2015

Before finding that a clause in a lease giving the lessee the unilateral right to compel the lessor to sell helicopters to the lessee at their reasonable fair market value was an "option", Major J. stated his agreement with the following list of the three principal features of an option:

  1. exclusivity and irrevocability of the offer to sell within the time period specified in the option;
  2. specification of how the contract of sale may be created by the optionholder; and
  3. obligation of the parties to enter into a contract of sale if the option is exercised.
Topics and taglines
Topic
Income Tax Act - s. 49(1)
Words and phrases
option
exercise
d7 import status
Drupal 7 entity type
Node
Drupal 7 entity ID
338009
Extra import data
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