J Space (Pty) Ltd v O-Yes Auctions CC (38603/2021)
J Space (Pty) Ltd v O-Yes Auctions CC (38603/2021) [2024] ZAGPJHC 32 (15 January 2024)
The Court found that neither the first nor the second offer to purchase was accepted by the Sellers within the stipulated confirmation period or in an unqualified manner. The Seller’s indication of willingness to accept a higher price constituted a counter-offer and rejection of the original offer. The purported acceptance of the second offer included material alterations and deletions, amounting to a counter-offer rather than acceptance. As a result, no valid sale agreement came into existence between the Applicant and the Sellers. The Respondent was not entitled to retain the Buyer’s Premiu…
Source excerpt
- Contract Formation
- Sale Of Immovable Property
- Auction Law
- Deposit Refund
- Buyer S Premium