Words and Phrases - "exercise"
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:
- exclusivity and irrevocability of the offer to sell within the time period specified in the option;
- specification of how the contract of sale may be created by the optionholder; and
- obligation of the parties to enter into a contract of sale if the option is exercised.
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|Tax Topics - Income Tax Act - Section 49 - Subsection 49(3)||141|