What is the test for exercising a right of first refusal?
Saskatchewan, Canada
The following excerpt is from Czerwonka et al. v. Paslawski et al., 1989 CanLII 4647 (SK QB):
It is well settled that the exercise of an option must be carried out in strict compliance with the terms provided in the instrument wherein the option is granted. Vide: Pierce v. Empey, 1939 CanLII 1 (SCC), [1939] S.C.R. 247. Absent strict compliance no valid and binding agreement for sale is created. The same principle applies to a right of first refusal.
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