판결 이유
An offer lapses after a reasonable time if not accepted. What constitutes a reasonable time depends on the subject matter and circumstances.
사실관계
Montefiore applied for shares in the Ramsgate Victoria Hotel Company in June 1864, paying a deposit. The company did not allot the shares until November 1864. Montefiore refused to take the shares.
판결 요약
The court held that the offer to purchase shares had lapsed by the time of allotment. Five months was not a reasonable time for acceptance of an offer to buy shares, given the fluctuating nature of share values. Montefiore was entitled to refuse.
주요 인용문
"Looking at the nature of the contract, dealing in shares of this description, I think five months is beyond any reasonable time within which the directors could allot the shares."
— Pollock CB
후속 처리
Standard authority on lapse of offers through passage of reasonable time.