What is the duty of the trustees of an estate to accept or reject an increased offer from a third party?

The law is clearly stated in Halsbury at p. 495, para. 9.2 and in Buttle v. Saunders, [1950] 2 All E.R. 193 (Ch. D.). The trustees of an estate have an overriding duty on a sale of property, to obtain for the beneficiaries "the best price reasonably obtainable". However, as was observed by Wynn-Parry J. (p. 195): It would, however, be an unfortunate simplification of the problem if one were to take the view that the mere production of an increased offer at any stage, however late in the negotiations, should throw on the trustees a duty to accept the higher offer and resile from the existing offer. For myself, I think that trustees have such a discretion in the matter as will allow them to act with proper prudence … I can imagine cases where trustees could properly refuse a higher offer and proceed with a lower offer. Each case must, of necessity, depend on its own facts.