JUDGMENT

AV Winslow J:

The plaintiff is a merchant and the defendants are land and housing developers known as Lucky Park (Pte.) Ltd. On 18 September 1969, according to the plaintiff, he entered into a contract to purchase from the defendants for $52,000 a piece of land with a semi-detached house to be built thereon by about the end of December 1971 at Lucky Park Estate, Annamalai Avenue, Singapore.

It is undisputed that a receipt signed on behalf of the defendants as at Exh. AB1 was issued to the plaintiff on that date as follows:

Singapore, 18 September 1969

Received from Mr. Yeo Long Seng the sum of Dollars Five hundred only being booking fee for the purchase of P/Lot No. 16, Phase III, Lucky Park.

$500

Cheque OUB AA 221086

Signed

Collector

At the same time, a letter, AB2, signed by the plaintiff agreeing to certain terms as follows was delivered to the defendants at their office:

PHASE III

Re: P/Lot No. 16, (Type B) Two-Storey Semi-Detached House, approx. Land Area: 3423 sq ft at Lucky Park Estate, Annamalai Avenue, Singapore

I, the intending purchaser of the above property hereby agree and confirm to purchase the above property under the following terms and conditions -

(1) purchasing price of land & house is $52,000

(2)payments of the purchase price are to be made at follows:

(a) - booking fee 500

- on signing of agreement 4,700

(b)on completion of foundation work 5,200

(c)on completion of RC framework 7,800

(d)on completion of brickwalls with door &

window frames in position 7,800

(e)balance from mortgage loan (repayable within

ten years with usual interest) on completion and

handing over building with vacant possession 26,000

$52,000

I, hereby agree to sign the agreement within 14 days on receipt of the vendor's notice for signing same; failing which the vendor is entitled to cancel this booking and resell the property.

I further confirm and agree that the completion date and handing over of house with vacant possession is expected to on or before 31 December 1971.

This letter signed by the plaintiff was handed to the defendants and a copy of it was retained by the plaintiff. There can be little doubt that the signing of this letter incorporating the terms and conditions of purchase was not an unilateral act by virtue of its signature by the plaintiff but one which followed an offer to sell on those terms by the defendants. It will be observed that both the letter and the receipt are dated 18 September 1969 and that the receipt of the booking fee of the particular lot in question signed by the defendants is so contemporaneous with the agreement to purchase signed by the plaintiff as to be an act on the part of the defendants binding them to the terms of the letter delivered to them in acceptance of a prior offer to sell on those terms. The receipt was not given in vacuobut was given, to my mind, in solemn acknowledgment of AB2 in accordance with the requirements of para. 2(a)(i) thereof, thereby giving the plaintiff a right or option to purchase the property.

A registered letter dated 19 September 1969 was received by the plaintiff as follows:

Re: P/Lot No. 16 - Lucky Park

We refer to your booking fee paid in respect of your intending purchase of the above property on 18 September 1969.

We regret we are not, under circumstances, proceed with the sale at this instance and herewith we refund you cheque (Asia Commercial Banking Corp. Ltd No AS/P 320390) the sum of $500 being the cancellation of your booking of the above.

Kindly acknowledge receipt.

It is significant that the cheque for $500 sent by the defendants in cancellation of the booking fee is not a cheque issued by the defendants at all.

On 22 September the plaintiff replied through his solicitors to the defendants returning the cheque informing them that the plaintiff did not wish to withdraw from the contract and asking the defendants to proceed with the contract.

The plaintiff says that all along he has been ready and willing t