Option

Option of purchase in a lease

Option of purchase in a lease. A clause giving the lessee the option of purchasing the reversion for a fixed sum within a limited number of years, or at anytime during the term, is sometimes inserted in leases. A clause giving an option of purchase at any time during a ninety-nine years' lease offends against the law of perpetuities (see that title) and cannot be specifically enforced, Woodall v. Clifton, (1905) 2 Ch 257; Worthing Corporation v. Heather, (1906) 2 Ch 532. For statement of opinion that the clause 'to be completely valid must be so expressed that the option must necessarily be exercised (if at all) within the limits of the time allowed by the rule against perpetuities,' so that probably not more than twenty one years could be allowed in a lease independent of life, see article by Mr. T. Cyprian Williams in the Solicitors' Journal for July 9, 1898; and for cases on option of purchase generally, see Woodfall, L. & T....

fixed period option

fixed period option : installments-for-a-fixed-period option at option ...

Option. 1. When a new suffragan bishop is consecrated by the archbishop of the province, by a customary prerogative, the archbishop claims the collation of the first vacant dignity or benefice in that see, at his own choice, i.e., option. Options are now disused. 2. The word is also used in commercial matters to express a right to effect a certain dealing or not in shares or goods at a stated price at a certain date, at the option of the person bargaining, who pays a premium for the right....

Option of purchasing an undertaking

Option of purchasing an undertaking, the expression 'option of purchasing an undertaking' merely means the right of purchasing the undertaking. The word 'option' is used because two courses are open to the concerned authority namely, either to purchase the undertaking or renew the licence, Gujarat Electricity Board v. Shantilal Desai, AIR 1969 SC 239 (242): (1969) 1 SCR 580. [Electricity Act, 1910, s. 7]...

fixed amount option

fixed amount option : installments-for-a-fixed-amount option at option ...

lease purchase (lease option)

lease purchase (lease option) assists low to moderate income homebuyers in purchasing a home by allowing them to lease a home with an option to buy; the rent payment is made up of the monthly rental payment plus an additional amount that is credited to an account for use as a down payment. Source: U.S. Department of Housing and Urban Development ...

Contract of option

Contract of option, is one whereby the grantor of the option offers to enter into what may be called a 'major' contract with a second person and makes a separate contract to keep his offer open, Varty v. British South Africa Co., (1965) 1 Ch 508 (522)....

Option - Law Dictionary Search Results